Indian benchmark indices closed sharply higher on November 17, with the Nifty firmly reclaiming and holding above the critical 26,000 level. The surge was driven by heightened optimism surrounding a major global trade deal, which is acting as a potential catalyst for the next leg of the market rally. Adding to the positive sentiment was the NDA’s decisive victory in the Bihar state elections, a result that reinforced confidence in policy continuity and political stability. The improved market mood was further supported by softer domestic inflation data, providing a favorable macro backdrop.
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At the close, the Sensex advanced 388.17 points (0.46 percent) to settle at 84,950.95, while the Nifty climbed 103.40 points (0.40 percent) to end at 26,013.45.
Broad-Based Sectoral Strength
The market advance was broadly positive and well-balanced, reflecting strong underlying sentiment with virtually no laggards. Leadership in the session came decisively from key domestic cyclicals, including Nifty PSU Bank, Financial Services, and Auto. Other sectors also contributed positively, ensuring a comprehensive market gain. The momentum extended across the market capitalization spectrum, with the Midcap index registering gains of 0.73% and the Small-cap index gaining 0.52%.
Nifty and Bank Nifty Outlook
Technically, the Nifty continues to display significant strength, forming a bullish candle on the daily chart and consistently creating higher highs and higher lows. This pattern clearly indicates that the uptrend established last week remains robust, signaling consistent buying interest at every dip. The index is comfortably trading above its key moving averages, reinforcing that buyers are firmly in control. Given this strong technical backdrop, the Nifty is expected to continue its upward move, potentially approaching 26,100 first, and possibly extending further towards 26,300 in the near term. Crucially, the key support level has shifted higher to the 25,800–25,850 zone, which is expected to attract buyers on any pullback, providing a solid base.
The Bank Nifty showed even greater relative strength, registering a clean breakout from its recent consolidation phase on the daily timeframe. This breakout indicates a strong resurgence of momentum within the banking sector, particularly driven by heavyweights and PSU banking stocks. The index is positioned for further upside, aiming to retest the 59,350 zone as its immediate resistance, with the potential to head towards 59,850. The constructive broader outlook continues to favor the bulls, supported by strong fundamentals and positive political stability.
