Trade Setup for November 18: What lies ahead for Nifty after six straight day of gains?

The Indian equity market gained for the sixth straight session, the second such streak in a month, with the Nifty 50 reclaiming the 26,000 mark.

After a strong recovery from lower support levels on Friday, the Nifty extended its upward momentum on Monday, ending the day with gains of 103 points. The index opened on a positive note and moved higher through most of the session, with brief intraday consolidations being bought into.

Sentiment was further supported by the NDA's landslide victory in the Bihar assembly elections, which reinforced its political dominance and lifted overall market confidence.

Among Nifty constituents, Eternal, Tata Consumer Products, and Max Healthcare were the top gainers, while Tata Motors Passenger Vehicles, Ultratech Cement, and Jio Finance saw profit-taking and emerged as the major laggards.

All sectoral indices closed in the green, led by PSU Banks, Auto, and Consumer Durables.

Broader markets outperformed, with the Nifty Midcap 100 rising 0.74% and the Nifty Smallcap 100 up 0.4%.

Siddhartha Khemka of Motilal Oswal said the potential India-US trade deal remains a key trigger to watch. He added that the MOFSL Coverage Universe (over 330 companies) reported 12% YoY earnings growth in Q2FY26, ahead of expectations, driven by OMCs, Telecom, Metals, Technology, NBFC-lending, Cement, and Capital Goods.

Stronger-than-expected midcap results have reinforced confidence in a growth revival and point to potential earnings upgrades, Khemka said.

Overall, he expects the market to maintain its upward trajectory, led by improving earnings momentum, robust domestic macros, and stable policy conditions.

According to Nagaraj Shetti of HDFC Securities, a decisive breakout from current levels could open the next upside towards 26,300-26,400 in the near term, with immediate support at 25,900.

Centrum Broking's Nilesh Jain said the market structure remains strong and could pave the way for fresh record highs. In the short term, the Nifty faces resistance at 26,100 and 26,280, while support is inching higher, with the 21-DMA around 25,790. Any meaningful dip is likely to act as a buying opportunity, he added.

Rupak De of LKP Securities believes the near-term trend is firmly positive, with the index likely to move towards 26,200/26,350. Support remains at 25,800.

Nandish Shah of HDFC Securities said the Nifty remains above all key moving averages, indicating strength across timeframes. A move above 26,100 could push the index toward new all-time highs above 26,277, he added.