The Nifty 50 ended its six-day winning run on November 18, slipping 0.4 percent as traders booked profits and the index failed to stay above the key psychological mark of 26,000. Analysts say the broader trend is still positive since the index remains well above major moving averages. Unless it breaks past the 26,100 resistance, the index may continue to consolidate, with immediate support at 25,800–25,700 and a stronger base near 25,500. A sustained move above 26,100 could push the index toward 26,300–26,500. Nifty closed near 25,910, forming a bearish candle similar to a Bearish Engulfing pattern, suggesting caution but not a confirmed reversal.
Bank Nifty slipped 0.11 percent to 58,899 after hitting a fresh high. Despite the dip, it maintained its upward structure and stayed above key moving averages, supported by bullish RSI, MACD, and Stochastic RSI signals.
On the options front, the 26,000 Put holds the highest open interest, making it a strong support zone. The PCR eased to 1.02, indicating cooling bullish sentiment. In the F&O ban list, only SAIL remains under restriction.
