Nifty 50 ended the session with a mild pullback, forming a small-bodied bearish candle just below 26,100. The candle reflects hesitation after a strong rally, not a reversal, and the index continues to respect the rising trend line that has anchored the uptrend since September. Nifty’s movement remained narrow between 26,000 and 26,100. Sellers attempted to push the index lower, but the lack of follow-through shows that dips are still being absorbed quickly. The 26,000–25,900 zone remains the most important demand pocket. A decisive close above 26,200 is still the key trigger to unlock the next leg toward 26,277 and 26,300.
The Nifty 50 option open interest data landscape reflects a controlled expiry battle. Total Call OI surged by more than 6 crore contracts, while Put OI saw selective unwinding, indicating an attempt by Call writers to cap the index below 26,200. However, strike-wise OI shows strong Put additions at 25,900–26,000, reaffirming that bulls are defending the base aggressively. Heavy Call writing between 26,200 and 26,300 has created a temporary ceiling, keeping the index in a tight range, but the broader sentiment remains constructive as long as Put writers do not shift their positions lower.
Bank Nifty opened with a gap-down and printed a controlled red candle, forming a confirmed Evening Star pattern along with a trend line breakdown as of the 21 Nov 2025 close. The rejection near 59,300, followed by quick stabilisation above 58,800, indicates that the breakdown is not yet fully accepted by the market. However, the psychological support at 59,000 has now turned into a near-term resistance, and deeper supports lie at 58,750 and 58,600. The price structure suggests that a short-term reversal may emerge only if the index reclaims and sustains above 59,000. Below 58,800, the index may slide into a short-term downside ladder. The broader bullish structure, however, remains intact as long as the index holds above 58,500.
The Indian Rupee weakened further, sliding to a record low near 88.4–88.6 against the USD, reflecting global dollar strength and uncertainty around the U.S. trade agreement. Despite the currency pressure, precious metals saw a mixed reaction international gold hovered near $4,037, while MCX Gold Future (Dec Fut) held steady around ₹1,22,909, indicating resilient domestic demand. Silver remained volatile, with MCX Silver Future (Dec Fut) trading near ₹1,50,749, tracking global risk sentiment.
Global sentiment stayed cautious after a mixed U.S. jobs report pushed bond yields higher, delaying clarity on Federal Reserve rate-cut timelines. Asian and emerging markets traded with a risk-off tone, while U.S. tech and AI stocks faced profit-booking after extended valuations. Despite this backdrop, domestic markets showed their usual resilience. Strong retail and institutional flows continued to cushion global volatility, and India’s record-low inflation supports a favourable medium-term outlook. Even with the Indian rupee sliding to a fresh low due to delays in the U.S. trade agreement, equity sentiment remained stable, underscoring the strength of domestic liquidity and structural momentum.
