Stock Market: Nifty in Uncharted Territory Eyes Next Milestones

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Market breadth stayed strong with nearly 70% of Nifty stocks trading above their 20-EMA

By S JHA

Mumbai, November 27, 2025 — Bulls came charging on Thursday morning to take stock indices higher but yielded grounds to bears in latter sessions as expiry play kicked in. The Sensex expiry on Thursday almost as part of a pattern allowed bears to pounce to erase all gains of the day in the indices. Bulls had the consolation of forcing the indices to close in green zones in the last half hour of the trading session in the stock market.

From technical perspective, there is no major change in the structure of Nifty, said Angel One in its post-market analysis. “From a technical perspective, nothing significant has changed,” it added in its note e-mailed to clients.

The Delhi-based brokerage said that “after Wednesday’s sharp upmove, today’s small-bodied candle indicates a natural pause or breather within the ongoing uptrend.”

“The broader structure remains constructive, and any consolidation or intraday dip should be viewed as a healthy development. Key levels remain unchanged: 26100–26000 will act as immediate support, while on the upside, with Nifty now in uncharted territory, 26350 and 26500 will be the next milestones to monitor,” added Angel One.

It argued that “new all-time high was seen in early trade, but intraday volatility dragged the index to a flat close (+10 pts). RSI stayed above 60 on daily and weekly charts, with short covering visible through a 1% OI (open interest) cut.”

“Financial Services outperformed, while Realty and PSU Bank were the weakest sectors,” the brokerage said. Bajaj Twins—Bajaj Finance and Bajaj Finserv—stayed firm through the trading sessions on Thursday. The two stocks were also firm in Wednesday’s session.

“Market breadth stayed strong with nearly 70% of Nifty stocks trading above their 20-EMA,” noted Angel One. Yet on the derivatives setup, it added that PCR (put-call ratio) cooled from 1.55 to 1.14, as put writers exited 26,000–26,100 and shifted to the 26,150–26,200 zone, strengthening support there.

“On the higher side, 26,300 and 26,500 saw call build-up, making them key resistance levels,” it added.

(Disclaimer: This article makes no recommendation for any kind of trades in the stock market)