Bears dominated the market for the third straight session on November 25, pushing the Nifty 50 lower by about a third of a percent on the expiry day of the November derivatives series. Still, a sharp slide in India VIX revived hopes that bulls could re-enter soon. The broader bullish structure of higher highs and higher lows also remains undisturbed. Bank Nifty, which carries substantial weight in the benchmark index, stayed largely rangebound and held firmly above last week’s low of 58,600 despite a three-session correction, thereby outperforming the Nifty 50.
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The Nifty 50 drifted closer to the crucial support band around 25,850—an area that aligns with the 20-day EMA, the Bollinger Band midline and last week’s low. A decisive drop and close below this zone could expose the index to the next support levels at 25,700 and 25,500. Conversely, if this demand zone holds, the index has room to retest 26,000–26,100 in the near term.Throughout the session, the Nifty attempted multiple times to stabilise above the psychological 26,000 mark but failed as selling pressure resurfaced. After hitting an intraday peak of 26,033, the index lost steam quickly and erased all gains in the final hour, eventually closing at 25,885, down 75 points.
A bearish candle formed on the daily chart, extending the sequence of lower highs and lower lows for the third consecutive day. The MACD confirmed a negative crossover, with the histogram slipping below zero, while the RSI cooled to 54.4 after a bearish crossover—both indicating caution and a potential consolidation phase.
For any meaningful upside to resume, the Nifty must convincingly move past 26,000, which could trigger short covering and allow a push toward 26,200. The index is currently hovering near its 21-DMA at 25,850, making this a crucial level to defend. A breach could accelerate the move down to 25,700. Still, the larger trend stays positive, and buying on dips remains a viable approach as long as the index trades above the 50-DMA around 25,490.
Weekly options data highlighted 26,000 as the key pivot for the Nifty’s next directional move, with major resistance at 26,200 and support at 25,500. The highest Call OI sits at 26,000, followed by 26,500 and 26,200, with heavy Call writing visible at these same strikes. On the Put side, maximum OI is noted at 26,000, trailed by 25,500 and 25,400, with the most Put writing at 25,400, 25,500, and 26,000.
Bank Nifty traded within the previous session’s range and ended just 15 points lower at 58,820. The daily chart showed a bearish candle with a prominent upper shadow, signalling consistent selling at higher levels. Even so, the index remained above all major moving averages, indicating that the broader trend still supports the bulls.Short-term momentum, however, stayed soft. The RSI slipped to 62.73 following a negative crossover, while the MACD turned bearish with its histogram staying below zero.
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These signals suggest Bank Nifty may remain sideways to slightly weak over the next few sessions, with scope for a pullback toward the 20-day EMA in the 58,300–58,400 zone. Immediate support lies at 58,300, with resistance at 59,200, while positional support is placed near 58,000.Meanwhile, India VIX fell sharply by 7.5 percent to 12.24, extending its decline below the 20-DSMA and offering greater confidence to the bulls. A sustained move below the 12 handle could further ease volatility worries. Among sectors, metals, pharma, PSU banks and realty gained 0.5–1%, while consumer durables, IT, media and oil & gas slipped around 0.5%.
RELIGARE - TECHNICAL CALL OF THE DAY
Religare is trading below all its key moving averages of 40/100 and 200 EMA levels though it is once again at similar levels where we have seen stock witnessing strong support and has witnessed decent bounce from those levels (refer trendline image in chart). The RSI is also at an oversold position and there is visible sign of positive divergence happening which we believe is a positive sign supported by pickup in volumes.
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BUY RELIGARE CMP 246.00 SL 236.26 TGT 256.45
Top 5 stocks to watch out for 26th Nov 2025
Indraprastha Gas:
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Piramal Finance:
The company remains on course to meet all FY26 targets, posting Rs 603 crore PAT in H1FY26 against the full-year guidance of Rs 1,300–1,500 crore. Growth AUM jumped 37% YoY, already exceeding the FY26 goal of 30%. Total AUM rose 22% in H1FY26, tracking well toward the 25% full-year target.
United Breweries:
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Exide Industries:
Exide Industries has invested Rs 75 crore by way of subscription in the equity share capital of its wholly owned subsidiary, "Exide Energy Solutions Ltd" ('EESL'), on rights basis. With this investment, the total investment made by the Company in EESL stands to Rs 4,022.23 crore.
This investment is for manufacturing battery cells of advanced chemistry belongs and form factor, including but not limited to cylindrical, pouch, prismatic, (the "Battery Cells"), as well as manufacturing, assembling, selling battery modules, battery packs and other related activities thereto. Kindly note there is no change in the shareholding percentage of the Company in EESL pursuant to such an acquisition.
NELCO:
The company has informed exchanges that the Department of Telecommunications, Ministry of Communications, Government of India has granted an additional authorization namely UL VNO-GMPCS, under the Company’s existing Unified License (Virtual Network Operator). This will allow Nelco to sell VSAT services of other UL- GMPCS licensees.
The time period for this validity is 10 years and it may be noted that the Company’s Unified License and the validity of the additional UL VNO-GMPCS Services authorization will be co-terminus with the validity of the Unified License(VNO).
