The Nifty ended 0.61 percent higher, while the Sensex was up by 670 points
Amol Athawale,
Vice President, Technical Research
Kotak Securities
Mumbai, November 21, 2025:In the last week, the benchmark indices witnessed volatile activity. The Nifty ended 0.61 percent higher, while the Sensex was up by 670 points. Among sectors, IT and Auto indices outperformed, with the IT index rising by 1.75 percent and the Auto index by 1.42 percent. Conversely, the Reality index lost the most, shedding 3.42 percent. During the week, the market comfortably traded above the 20-day SMA (Simple Moving Average) and also cleared the short-term resistance zone of 26,000/85000. However, on last Friday, it registered profit booking at higher levels.
Technically, on weekly charts, it has formed a bullish candle, and on both weekly and daily charts, it has formed a uptrend continuation formation, which is largely positive. We are of the view that 26,000/85000 and 25,850/84500, or the 20-day SMA, will be key support zones for traders. As long as the market is trading above these levels, the bullish sentiment is likely to continue. On the higher side, 26,250/85800 could be the immediate resistance zone for the bulls. A successful breakout above 26,250/85800 could push the market up to 26,500/86500.
On the flip side, if the market falls below the 20-day SMA or 25,850/84500, sentiment could change. Below these levels, traders may prefer to exit long positions. For Bank Nifty, 58,300 would act as a trend decider level. Above this, it could move up to 59,500. Further upside may lift the index to 59800-60000. Conversely, if it falls below 58,300, the chances of hitting 58,000-57,700 increase.
Gaurav Garg, Lemonn Markets Desk, adds:
Equity benchmarks eased on Friday, pausing after a two-day uptrend and a strong run that pushed markets to fresh 52-week highs. The dip came amid a softer rupee and mixed global cues. The rupee touched a new low of 88.83 against the dollar as expectations around a potential US rate cut moderated, while global markets remained subdued with Asian indices lower and US markets closing in the red. Higher US yields and firm dollar flows influenced sentiment, even as Japan indicated it may step in to manage yen volatility.
Uncertainty around the Federal Reserve’s rate trajectory, stronger US jobs data, and careful commentary from policymakers continued to shape a cautious mood. IT stocks also witnessed some profit-taking following weakness in US tech shares, even as Nvidia delivered strong results. The India VIX edged up 13 percent to 13.68, suggesting a slight rise in near-term volatility.
Despite today’s consolidation, markets remain close to record levels, and dips may continue to attract buyers. From a technical standpoint, the Nifty’s recent breakout keeps the broader structure constructive. Sustaining above 26,250 would support strength, while a move below 26,035 could open the door to a healthy pullback toward 25,900–25,800.
