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Below the Market Commentary (closing) for 12 November 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Market Closing Commentary

Indian benchmark indices witnessed a choppy trading session on November 12 amid the weekly Sensex expiry. A marginal depreciation in the rupee weighed on market sentiment; however, the broader bias remained positive, supported by sustained FII inflows and Brent crude trading below the $92/barrel mark. Investors also remained cautious ahead of the key inflation data.

At close, the Sensex edged higher by 31.61 points (+0.04%) to 81,911.01, while the Nifty gained 44.30 points (+0.18%) to settle at 25,299.35.

On the sectoral front, performance remained mixed, with Nifty Realty, Media and PSU Bank emerging as the top gainers, while Auto, FMCG and IT witnessed selling pressure.

The broader markets outperformed the benchmark indices, reflecting strong buying interest across mid- and small-cap stocks. The Nifty Midcap 100 advanced around 0.85%, while the Nifty Smallcap index surged approximately 1.12%, indicating improved participation beyond frontline indices.

Nifty Outlook

Index formed a small bullish candle with shadows in either direction which remained enclosed inside previous session price range signaling consolidation amid stock specific action. Nifty traded in a 200 points range and closed the session marginally higher around 25,300 levels.

Nifty for the second session in a row witnessed profit booking from the immediate resistance area of 25,400-25,500. Going ahead strength above 25,500 will open further upside towards 25,800-26,000 levels in the coming week. Failure to move above 25,500 will signal extension of Thursday’s consolidation in the range of 24,700-25,500 amid stock specific action as we progress through the fag end of the quarterly earning session. Index has seen a strong up move of more than 3000 points in the just 12 sessions. Hence, some consolidation cannot be ruled out at higher levels.

Index has support placed at the last week breakout area of 24,700-24,800. Nifty holding above the same will keep the overall bias positive and dips should be used as a buying opportunity.

Bank Nifty Outlook

Bank Nifty continued with its strong positive momentum gaining for the last 8th session in a row expect for the Muhurat trading session. On Thursday’s session it formed a strong bullish candle with a higher high and a higher low signaling extension of the up move. It started the session on a positive note and gained momentum as the session progressed to close around the high of the day at 61,518 levels.

Index during last week has generated a breakout above the last 4 months broad range of 58,000-54,000 signalling strength and opens upside towards 61,800-62,500 levels in the coming weeks being the previous major highs and measuring implication of the recent range breakout.

Only a formation of lower high and lower low in the daily chart on a sustained basis and a close below Wednesday’s gap area will signal a pause in the current strong rally. Immediate support is placed at 58,500 levels being Friday’s breakout area.

Short term support is revised higher towards 56,500-57,000 levels being the confluence of the key retracement of current rally and last week gap area and 200 days EMA.

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