Pre-market insights today: Things to know before the opening bell

Following a period of range-bound trade, the Nifty50 closed above the critical 19,800 levels, prompting experts to explore the possibility of the index reaching the 19,900-20,000 zone in the coming sessions. Analysts rely on supportive Options data, indicating a potential upward trajectory with significant support levels at 19,700-19,500.

On November 22, the BSE Sensex gained 92.5 points, reaching 66,023, while the Nifty50 rose 28 points to 19,811.8, marking its highest closing level since September 20. The daily charts displayed a bullish candlestick pattern with a long lower shadow, signifying buying interest at the support levels of 19,700-19,680.

Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, anticipates the continuation of positive momentum, targeting 19,930, aligned with the 78.6 percent Fibonacci retracement level of the previous fall from 20,222 to 18,837. He underscores the importance of maintaining the crucial support level at 19,670–19,650 for the sustained upside momentum.

Chandan Taparia, Senior Vice President and Analyst-Derivatives at Motilal Oswal Financial Services, emphasizes the need for the Nifty to remain above the 19,800 zone for an upward move towards 19,950 and 20,000 levels, with key support levels identified at 19,750 and 19,650.

Despite the optimistic market sentiment, the breadth favored bears, with three declining shares for every two rising shares on the NSE. As a result, the Nifty Smallcap 100 index experienced a 1.2 percent decline, while the Nifty Midcap 100 index gained 0.3 percent.

The article also presents additional data points, including key support and resistance levels on Nifty, Nifty Bank analysis, call and put options data, stocks with a high delivery percentage, long build-up, long unwinding, short build-up, short-covering, and other market indicators. The report concludes with information on bulk deals, stocks in the news, funds flow, and FII and DII data, providing a comprehensive overview of the market landscape.