Topline view
Tone is cautious. Early global cues are weak and the rupee is trading a touch softer, which is keeping risk appetite muted. Expect a tentative open and trade the first hour for flow confirmation. Reuters+1
GIFT-Nifty (pre-open)
- Reading: slight drag — GIFT-Nifty is modestly lower versus the prior close, pointing to a cautious start for the cash open. (Market opened slightly below 26,000 region in early reads.) NSE India+1
Nifty — key intraday levels (practical pivots)
- Immediate support: 25,700 – 25,600
- Primary floor: 25,400 – 25,300
- Immediate resistance: 26,000 – 26,050
- Stretch resistance: 26,200 – 26,400
View: Base case is range trade between 25,600 – 26,000. A sustained break below 25,600 would open 25,300; a clean hold above 26,050 with volume would allow a run toward 26.3–26.4k.
FII / DII (latest full day read)
- FIIs: came in as net sellers in the most recent session (offshore flows remain negative on a broader monthly basis).
- DIIs: continued to absorb flows and act as the domestic bid.
Practical takeaway: domestic support is intact but sustained upside needs renewed FII buying. NSE India+1
FII index-futures positioning (what changed)
- Recent positioning shows reshaping — FIIs have been adding and trimming both longs and shorts in pockets (i.e., hedged participation rather than a single directional bet). Expect the market to be sensitive to short-covering (would produce quick pops) or fresh short builds (would cap rallies). NSE India
November month — options OI snapshot (broad picture)
- Largest Call interest (resistance): around 26,000 CE (key overhead supply).
- Largest Put interest (support): around 25,000 PE (primary defensive band).
Implication: tactical battleground sits roughly 25,000 – 26,000; intraday pivots will be 25.0k (put-defence) and 26.0k (call-wall). Investment Guru India+1
USD/INR — currency moves & market impact
- Spot: rupee trading around ~88.6–88.7 / USD this morning — modestly softer; RBI activity is visible but import demand and portfolio flows keep pressure on the currency. A sustained move above ~88.9–89.0 would be a negative for risk-sensitive sectors. Reuters+1
Newsflow & sector cues this morning
- Macro: exporters remain in focus after recent tariff headlines and policy support announcements for exporters; overall risk tone is set by global yields and the dollar.
- Sectors to watch: IT/exporters (currency & policy headlines), banks/financials (domestic flow leaders), select cyclicals on any risk reversal. Reuters+1
U.S. / global events to watch (tonight, IST)
- Key items: Fed-speaker commentary (incl. Barr speech) and U.S. housing/market prints on the calendar tonight — any hawkish tilt will lift U.S. yields and pressure EM flows; dovish tones will ease pressure. Watch these for how they change USD/INR and India flows overnight. FXStreet
Trading playbook — quick rules for the desk
- Base intraday band: 25,600 – 26,000.
- Bull trigger: sustained acceptance above 26,050 with rising futures flow → target 26,200 / 26,400.
- Bear trigger: break & hold below 25,600 → target 25,400 / 25,200.
- Tactics: size light into the first hour; buy shallow dips into 25.6k if put-OI holds and USD/INR stabilises; trim into rallies near 26.0k–26.1k unless you see clear FII short-covering and OI expansion.