Positive Global Cues May Boost Nifty, Sensex; Key Levels to Track on November 11

Indian benchmark indices are likely to open in the green after global sentiment turned optimistic on the progress of the U.S. government shutdown bill. The US shutdown impact markets on Saturday passed a bill to end the country’s longest federal shutdown, fuelling hopes of steadier economic activity.

The GIFT Nifty was at 25,723, up 60 points (0.2%) as of 7: 40 a.m., suggesting a positive start for the domestic equity market.

“The development is being seen as a relief for global investors as it reduces the near-term risk of disruptions to the U.S. government’s operations, payments, and the release of important economic data,” said market experts.

The improved stock market forecast India outlook has seen investors’ risk appetite getting stoked, prompting broad-based buying and bolstering positive sentiment in the Indian equity market.

Wall Street’s major indices closed sharply higher overnight on strong gains in artificial intelligence (AI) focused giants Nvidia and Palantir. The S&P 500 settled higher by 1.54%, the Nasdaq rose 2.27%, while the Dow Jones Industrial Average gained 0.81% as investors cheered the developments in Washington.

Nifty key levels November 11

The Nifty 50 continues to trade inside a rising channel, suggesting that it's well supported above the pivotal support zone of 25,500 – 25,550. Still, 700 – 25, 820 resistance zone, If it breaks out above the 25. On the negative, a breakdown below 25,500 can affect in a pretest of the 25,300 – 25,150 support zone.

“Overall, as long as the index trades above the lower end of the channel, the broader market structure will remain constructive. Any dips will be bought,” said Ponmudi R, CEO, Enrich Money.

For Bank Nifty, he said it has been consolidating near its resistance zone of 58,000–58,200 after rallying sharply in the past few sessions. A breakout above the said resistance zone can take the Sensex market trends index to the 58,600–59,000 area, while immediate support is at 57,800–57,500.