Market Closing View for 28th Nov by Ponmudi R, CEO, Enrich Money

Nifty 50 faced strong resistance near the 26,281 zone and stayed range-bound throughout the session between 26,190 and 26,281. As long as the crucial support belt at 26,150–26,000 remains intact, the broader trend stays stable. Immediate resistance is firmly placed at 26,280–26,310. On the daily chart, the index continues to hover near this band, indicating a clearly defined range between 26,150 and 26,310 unless a decisive breakout emerges on either side.

Bank Nifty traded in a steady and constructive range today, supported by positive global cues, U.S. Fed rate cut expectations, and consistent institutional buying. The index opened firm and maintained its positive bias through the session, though profit-booking at higher levels and muted movement in heavyweight banks capped fresh upside. Technically, the structure remains bullish-to-neutral above the key 59,600 support. A break below this zone could open the door toward 59,000–58,600. On the upside, a clean breakout may activate the next leg toward 60,000–61,000.

Market sentiment was supported by softer U.S. inflation data, easing global bond yields, and steady FPI inflows, which collectively strengthened banking participation. However, volatility in the rupee and selective selling in PSU banks kept traders cautious. Overall, the session continued to favour a buy-on-dips approach, with volumes remaining the key trigger before chasing any breakout.

Indian markets also drew strength from solid fundamental support. Expectations of a U.S. Federal Reserve rate cut lifted global risk appetite, attracting fresh foreign inflows into emerging markets. India’s landmark labour-law reforms the biggest since independence further boosted investor confidence with promises of higher job creation, better formalisation, and improved ease of doing business. Stable inflation, healthy domestic demand indicators, and falling crude oil prices together created a supportive backdrop, encouraging broad-based buying across the market.

The post Market Closing View for 28th Nov by Ponmudi R, CEO, Enrich Money appeared first on Trade Brains.