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Trade Setup for November 17: Nifty eyes further upside after recent pullback
Trade Setup for November 17: Nifty eyes further upside after recent pullback
About this update from Eternal Limited
The Nifty extended its winning streak for the fifth straight session on Friday, ending the week above the 25,900 mark, driven by gains in Bharat Electronics, Eternal, Trent and State Bank of India. The index made an impressive comeback after opening with a 112-point gap-down amid weak global cues. It remained subdued through the first half as global uncertainties kept sentiment soft and allowed bears to stay in control until noon. However, the tone shifted sharply post 2 pm, with the Nifty rebounding nearly 200 points from its intraday low of 25,740. The strong late-session recovery helped the index erase all its losses and finish the day in the green. Among index constituents, Tata Motor Commercial Vehicles, Eternal, and BEL emerged as top performers, while Infosys, Eicher Motors, and Tata Steel faced profit-booking and ended as the day's leading laggards. Sectoral trends painted a mixed picture. Nifty PSU Banks, Pharma, and FMCG indices led the gainers, whereas IT, Auto, and Metal sectors came under pressure, closing in the red. Broader markets were relatively firm, with the Nifty Midcap 100 and Smallcap 100 advancing 0.08% and 0.38%, respectively. On the stock-specific front, shares of Billionbrains Garage Ventures Ltd., the parent company of India's largest trading platform Groww, extended their gains for the third straight session. Pine Labs shares also rose 14% after a strong market debut. The fintech major listed at ₹242 on both the NSE and BSE on Friday, November 14, marking a premium of nearly 10% over its issue price of ₹221 apiece.Markets likely to stay firm With retail inflation easing and the corporate earnings season wrapping up on a positive note, the backdrop remains supportive for Indian equities, said Siddhartha Khemka of Motilal Oswal. He expects markets to stay firm, adding that a potential India-US trade deal announcement could trigger a sharper upside. According to Nagaraj Shetti of HDFC Securities, the underlying trend for the Nifty remains positive, with the broader chart structure indicating more upside after the recent downward correction Shetti sees the next resistance zone at 26,200-26,300, while immediate support is placed at 25,750. Nilesh Jain of Centrum Broking maintains a bullish structure and prefers a buy-on-dips approach as long as support at 25,600 holds. A sustained move above 26,000, he said, could spark short coveri...