The Nifty index is expected to experience a period of consolidation after a 2.5% gain in the previous week. The next key economic indicator will be the release of November CPI data on Thursday. To maintain momentum, the Nifty needs to close above 24,850. The derivatives market shows significant open interest at 25,000 CE and 24,000 PE strikes. Foreign Institutional Investors (FIIs) have been net buyers of Rs 9,956 crore in the cash segment, indicating a possible trend reversal.
The Bank Nifty opened flat after a 3% gain in the previous week, with a key resistance at 54,000. A decisive close above this level could allow the index to surpass its lifetime high. Key levels to watch for the Nifty include 24,400-24,300 as support and 25,000 as a significant hurdle. The trading range for the December series is expected to be between 24,000 and 25,000.
For the Bank Nifty, immediate support is at 52,800-52,000, while 54,000-54,200 is a key hurdle. The range for the December series is expected to be 52,200-54,200.