The Nifty 50 has continued its upward momentum from last week, supported by strong technical indicators. Analysts believe that staying above the 26,000 mark could push the index toward its October peak of 26,100, and a breakout above that level may lead to a move toward the all-time high of 26,277. On the downside, support lies between 25,900 and 25,800. Bank Nifty, meanwhile, entered unexplored territory, touching 59,000 for the first time, with the next upside targets seen at 59,300 and 59,500, while key support levels are placed at 58,600 and 58,000. On November 17, Nifty gained 103 points to close at 26,013, and Bank Nifty advanced 445 points to 58,963, with market breadth slightly favouring buyers.
Jay Thakkar of ICICI Securities noted that Nifty’s close above 26,000 signals strength, and surpassing 26,100 could provide further momentum. Options data reflects strong support at lower levels. Analysts from Anand Rathi and SMC Global highlighted that the index continues to hold above key moving averages, with RSI indicating healthy bullishness, and expect potential targets between 26,200 and 26,400.
For Bank Nifty, experts see continued bullishness as the index stays above major support zones. A break above 59,100–59,200 could trigger further gains toward 59,400–60,000. Overall strategies recommend buying on dips with defined stop-losses while the uptrend remains intact.
