On Wednesday, November 12, the Indian equity market is expected to open higher amid positive global signals and optimism regarding US-India trade. According to early trends on Gift Nifty, it is likely to have a gap-up opening, with the index trading around 25,951, 131 points above its previous close.

On Tuesday, indices extended their winning streak for the second consecutive session. Sensex advanced 335.97 points (0.40%) to settle at 83,871.32, while Nifty 50 climbed 120.60 points (0.47%) to close at 25,694.95. 

Nifty Midcap100 rose 0.5%, whereas the Smallcap100 slipped 0.2%, reflecting selective participation.

Sensex Outlook

Sensex has formed a higher bottom on intraday charts and closed above its 20-day SMA, a bullish technical signal.

The overall market tone remains volatile, so traders should follow a cautious approach and a level-based strategy.

Key support levels are at 83,500 and 83,300, while resistance lies between 84,000 and 84,300. A break below the 83,300 level could weaken the uptrend. 

Nifty 50 has been forming green candles with long lower shadows, which suggests that there has been buying interest in lower zones.

Nifty 50 Outlook

Nifty 50 has been forming a series of green candles with long lower shadows, which suggests that there has been buying interest in lower levels.

As per Nagaraj Shetti of HDFC Securities, the index’s underlying trend remains positive, with upside targets of 26,000-26,100 in the near term and immediate support at 25,500.

A decisive move above 25,800 could confirm a breakout, paving the way toward 26,000. The support is at 25,450, making buy-on-dips a preferred strategy.

Bank Nifty Outlook

Bank Nifty rose 200.60 points (0.35%) on Tuesday to close at 58,138.15, forming a bullish candle with a long lower shadow, another sign of buying at lower levels. Immediate support lies near 57,590, while resistance is at 58,580-59,000.

Sudeep Shah of SBI Securities noted that the zone of 58,300-58,400 will act as a crucial level, and a sustained move above 58,400 could trigger an advance toward 59,000.

Sectoral Performance and Key Drivers

Sectorally, Nifty IT gained for the second session, rising 1.2%, followed by Nifty Auto gaining 1.1%, driven by strong quarterly results. In contrast, Nifty PSU Bank fell 0.4%.

However, mutual fund data showed moderation, with equity inflows down 19% in October to Rs. 24,691 crore, reflecting cautious retail participation.

Also Read: US Stock Market Today: S&P 500 Falls 0.3% & NASDAQ Declines 0.7% as Small Business Optimism Hits Six-Month Low

Earnings to watch

Today’s focus will be on key Q2 results from Tata Steel, Ashok Leyland, Hindustan Aeronautics, Asian Paints, Info Edge, and Prestige Estates. 

The market’s near-term tone remains constructive but volatile, with traders advised to adopt a buy-on-dips strategy while tracking global cues and corporate earnings closely.