The Indian stock market is likely to open higher on Monday with global factors set to dominate the market narrative this week. The NDA’s landslide win in Bihar is likely to hold gains for the market today as analysts say the win will add more stability to the Modi government.
Nifty futures traded 50 points, or 0.19 per cent higher at 26,012, hinting at a positive start for the domestic mark
With the five-day rally, the Sensex is up 7.71% and Nifty has gained 9.13% this year.
Ponmudi R, CEO – Enrich Money, a SEBI – registered online trading and wealth tech firm said, “From a technical perspective, Nifty’s sustained move above 25,600 signals a decisive shift toward stronger short-term momentum. The index continues to respect its four-month ascending wedge formation, and the Week-2 close above 25,900 now places it firmly near the upper end of its consolidation zone. A sustained close above the 25,950–26,000 band would act as a clear breakout trigger, potentially opening the path toward 26,200–26,300, with the broader wedge structure projecting an upside extension toward 26,500 in the short term.”
On Sensex’s technical outlook, Ponmudi said, “A sustained move above 84,700 could accelerate gains toward 84,800–85,000, and any improvement in global risk appetite could position the index to potentially revisit its all-time high of 85,978 in the near term. On the downside, key support for the week is seen in the 84,200–83,900 range.”
Hardik Matalia, Derivative analyst at Choice Broking says, “In terms of levels, the Nifty has immediate support at 25,800 and 25,700, which could provide buying opportunities on declines. On the upside, resistance is seen at 26,000 and 26,100, with the latter acting as a key hurdle. A sustained breakout above 25,100 could trigger a bullish move, potentially targeting the 26,250–26,400 zone in the coming weeks.”
According to Ponmudi, global factors are set to dominate the market narrative this week as US government agencies begin releasing a backlog of delayed economic indicators, including the closely watched September jobs report on November 20. The renewed data flow comes at a time when expectations of a Fed rate cut next month have cooled, adding to the pressure seen across global equities in recent sessions. Indian markets, too, have witnessed sharp swings over the past two sessions amid this uncertainty.
On Friday, Sensex rose 84 points to 84,562 and Nifty ended 31 pts higher at 25,910. The Indian equity market managed to close higher for the fifth straight session as exit polls signaled NDA’s win in the Assembly Election.
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