Indian stock markets are expected to open on a slightly negative note on November 21, 2025, following a sell-off in global markets, particularly in the US tech sector. However, analysts remain optimistic about the overall bullish structure of the market in the near term.
Global Cues and Overnight Action
Overnight, US markets experienced a decline, with the NASDAQ leading the losses. This sell-off in technology stocks is expected to weigh on the Indian market sentiment. Asian markets also traded lower. The Gift Nifty was trading around 26,154, indicating a negative start for the Indian stock market indices.
Thursday's Market Performance
On Thursday, November 20, 2025, the Indian stock market closed higher, with both the Sensex and Nifty scaling their 52-week highs. The Sensex rallied 446.21 points, or 0.52%, to close at 85,632.68, while the Nifty 50 settled 139.50 points, or 0.54%, higher at 26,192.15. The Nifty 50 index hit its 52-week high of 26,246.65 during the day.
Market Outlook and Key Levels
Despite the expected negative opening, analysts maintain a constructive view of the market's near-term trajectory. According to Bajaj Broking, the underlying trend remains firmly positive. Experts believe that Nifty is poised to make new all-time highs in the short term.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, suggests that buying on intraday dips and selling on rallies would be an ideal strategy for day traders. For the Sensex, 85,500-85,200 is expected to act as a key support zone, while 85,800 and 86,300 could be crucial resistance areas. Osho Krishan, chief manager of technical and derivative research at Angel One, notes the psychological resistance for the Nifty index is at 26,277.
Bajaj Broking notes that the Bank Nifty is forming a series of higher highs and higher lows, signaling a well-established uptrend and is expected to test the 59,800-60,000 range soon. Immediate support for Bank Nifty rests in the 58,800-58,600 band.
Derivatives Data
From a derivatives perspective, the 26,000 strike continues to dominate as the highest Call Open Interest (OI), with 1.35 crore contracts, making it a strong immediate resistance. On the downside, the 25,500 strike holds 70.37 lakh Put OI, reinforcing it as a reliable support zone. Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, believes this OI setup reflects a well-defined trading range for the index in the near term.
FII and DII Activity
On November 19, 2025, Foreign Institutional Investors (FIIs) bought equities worth ₹1,580.70 crore, while Domestic Institutional Investors (DIIs) bought equities worth ₹1,360.30 crore.
Stocks in Focus
Hyundai Motor India Ltd., JSW Energy Ltd., Tata Consultancy Services Ltd., and IRB Infrastructure Developers Ltd. are likely to be in focus due to overnight news flow.
Overall Sentiment
The Indian market has demonstrated sustained momentum, backed by improving corporate earnings, healthy domestic macros, and stable policy support. While global cues may induce an initial negative reaction, the underlying bullish structure and positive domestic factors are expected to provide support. Analysts advise a strategy of buying on dips and selling on rallies, with a focus on key support and resistance levels.
