Market Wrap

Indian equities opened on a firm footing, buoyed by positive GST cues, F&O expiry positioning, and a Gift Nifty–indicated gap-up start. Nifty briefly surged toward the 26,300 zone in early trade, but the absence of follow-through buying quickly turned the day into a rangebound, low-energy session. The index drifted off highs and ultimately settled flat near 26,215, effectively wiping out the morning spike.

Sectorally, financials and market infrastructure names such as BSE, MCX, and Bajaj Finance showed relative strength, while autos maintained their recent leadership. Broader market participation was mixed as traders balanced end-of-week flows with a slew of macro signals.

Global cues were muted with U.S. markets shut for Thanksgiving and only a shortened Black Friday session ahead, keeping global liquidity thin and limiting any directional influence. Domestically, the headline risk dominating sentiment was India’s Q2 GDP number due tomorrow - with Street estimates clustered around 7–8% growth. Much of the optimism already appears priced in, explaining the intraday profit-taking after fresh record highs.

Derivative positioning remained restrained amid ongoing chatter around an India–U.S. trade and technology dialogue and speculation around potential tariff decisions, further capping aggressive index bets into month-end.

What's Ahead

All eyes now turn to tomorrow’s Q2 GDP release.

• A strong beat could re-ignite the rally, pulling FII flows back into cyclicals and financials, and potentially pushing the Nifty toward the 26,325–26,405 resistance zone.

• A miss may invite swift profit-taking, especially in midcaps and smallcaps, dragging the market back toward supports at 26,150–26,080.

Beyond GDP, traders should track:

• Crude and INR moves, which could influence inflation expectations and rate-path assumptions.

• U.S. Black Friday liquidity (shortened session), which may keep global flows light.

• Any concrete updates from the India–U.S. trade/tech discussions, which could sway sentiment in export-heavy and manufacturing pockets.

Tomorrow’s print will likely decide whether the market breaks out of its current range or slips into a near-term consolidation phase.

Market Snapshots

Institiutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The Nifty (26,216) remains in a structurally positive trend, supported by higher lows and steady buying on dips. Long positions should be protected with a daily closing stop-loss at 26,019. Any decisive close below this threshold would signal weakening trend strength and provide an opportunity to initiate fresh short trades.

Bank Nifty

The Bank Nifty (59,737) is displaying similar resilience, holding firmly within a bullish setup. Participants already long may continue to ride the trend while keeping a daily closing stop-loss at 59,195. A close below this level would indicate trend exhaustion and justify the initiation of short positions.

Nifty Financial Services

The Fin Nifty (27,946) stays aligned with the broader market’s positive momentum. Long trades remain valid with a stop-loss at 27,659 on a closing basis. A close beneath this mark would signal a trend reversal and create scope for fresh shorts. Overall, trend strength across key indices remains intact, with clearly defined levels to monitor for any potential breakdowns.

Sensex

The Sensex (85,720) continues to maintain its positive trajectory, with momentum firmly favouring bulls as long as the index stays above its key support zone. Traders holding long positions can comfortably maintain their stance with a daily closing stop-loss at 85,089. A shift in bias would only emerge if the Sensex delivers a close below this level, which would open the door for fresh short positions.