Stock market today: The Nifty 50 and Sensex, India’s main stock indices, experienced gains on Wednesday, driven by advancements in trade discussions with the U.S. and hopes that a government shutdown may soon be resolved.
The market’s positive sentiment was further enhanced by exit polls from Bihar’s state elections, which indicated a likely win for the ruling coalition in India, according to market analysts.
As of 11:31 IST, the Nifty 50 climbed 0.75% to reach 25,887 . 65, while the BSE Sensex increased by 0.76% to stand at 84,507.49, following a rise of about 0.5% in the previous trading session.
Analysts suggest that the market mood has improved due to news of a possible trade agreement between India and the U.S. and the exit polls signaling a strong victory for the NDA in Bihar. This could foster an optimistic outlook, although it may not be enough for the markets to achieve a clear breakout and sustain a rally.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 has recovered quite sharply from the lower levels once again indicating that 25,300 is now a very critical support in the near term. It has however closed just below 25,700 levels wherein there was highest call base as well as the downtrend line resistance. So, from hereon, if Nifty 50 manages to taken off 25,750 thereafter it is likely to test 26,000 levels which is the next hurdle wherein there is highest call base. So, above 25,750 one can initiate long for the target of 26,000 whereas until that is taken off the Index may trade within the range of 25,700-25,300 levels. The Nifty IT and Nifty Energy has some shorts which if are covered would help the Nifty 50 to bounce back from the current levels.
Nifty Bank
The Nifty Bank has been one of the outperformers and it is likely to perform better from hereon as well. There has been significant put base at 58,000 and 58,500 strikes, so above 58,500 levels, the Index will zoom towards 60,000 levels and that would help the Nifty 50 to take off 26,000 levels as well. So, far the FIIs have been net sellers in the equity cash as well as Index futures in the November series which is a concern, however if they start short covering then we would see the rally like the one we had witnessed in October.
The India VIX had initially bounced on account of short covering and thereafter due to fresh short build up by the FIIs it has been struggling to fall but on the flip side there is a risk of it providing a breakout above 13 levels as if it happens if the Nifty 50 falling then there could be a sharper and a deeper correction, whereas, if it further moves up along with the Nifty 50 then it will be related to short covering, hence not a major concern. So, to summarise, 25,750 on Nifty 50 and 58,500 on Bank Nifty are the two critical levels which when taken off will lead to a meaningful up move until then there can be some consolidation amidst the state election final outcome.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends TCS Futures, Bajaj Auto Futures, and Jindal Steel Futures.
Buy TCS Futures in the range of ₹3,050-3,070; stop loss of ₹2,980; Targets of ₹3,130 and ₹3,170
Nifty IT has been one of the weakest sector in the Nifty 50 and there have been tremendous short positions within it, however, recently the Index has managed to bounce back and hold on to its recent lows. The large cap stocks are also consolidating rather than falling in a unidirectional trend. So, with the last two days of recovery in the sector, it appears that the stocks will again inch towards the upper end of the range, hence one can buy it from the short covering point of view which can take the stock to the upper end of the range.
Buy Bajaj Auto Fut in the range of ₹8,880-8,910; stop loss of ₹8,790; Targets of ₹9,020 and ₹9,080
The Q2 result were good and the stock still has quite a lot of shorts and it has been one of the underperformer within the auto sector especially the tow wheelers as all its peers have outperformed Bajaj Auto quite significantly. Now, on the lower side, 8,800 is a very critical support and till those levels are held there is a higher probability of a short covering which can take this stock above 9,000 levels to 9,020 and 9,080 levels.
Buy Jindal Steel fut in the range of ₹1,070-1,090; Stop loss of ₹1,040 ;Targets of ₹1,140 – 1,170
The Metal sector has been one of the top performer in the FY26 so far and it has been outperforming the Nifty 50 recently. The ferrous as well as non-ferrous names have delivered good returns and the stocks have witnessed long build up which further provides confidence in the medium term up trend. After short term correction all the metals names have made a come back and Jindal steel has been one of it which has witnessed significant long build up, hence it looks positive from the current levels as well.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 11/11/2025 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.