Trade Setup for November 11: Nifty sustaining the upmove key ahead of weekly expiry

After staging a sustainable rebound from the crucial trendline support near 25,300 levels on Friday, the Nifty 50 extended its upmove on Monday amid volatility and ended higher by 82 points at 25,574. The index snapped its three-session losing streak.

The market opened on a positive note and advanced further in early trade but encountered mild resistance near 25,650 levels before slipping into a late-session decline.

Overall, the index traded in a narrow band between 25,500 and 25,650 through the session.

Among Nifty constituents, Infosys, Bajaj Finance, and HCL Tech were the top gainers, while Trent, Max Healthcare, and Tata Consumer saw selling pressure and ended as the session's major losers.

The broader market outperformed the benchmarks, with the Nifty Midcap 100 and Smallcap 100 indices gaining 0.47% and 0.35%, respectively.

Sectoral performance was mixed, with IT, Pharma, and Metal indices closing in the green, and Media, Realty, and FMCG ending lower.

IT and Pharma stocks rose over 1% each, buoyed by optimism that the potential US government shutdown could be averted, which helped lift investor sentiment.

Renewed foreign institutional investor (FII) buying also supported the upmove after six straight sessions of outflows. On Friday, FIIs bought shares worth ₹4,581 crore, while domestic institutional investors (DIIs) were net buyers to the tune of ₹6,675 crore.

Market outlook

Siddhartha Khemka of Motilal Oswal Financial Services expects markets to remain range-bound, tracking global cues, but notes that optimism around better-than-expected corporate earnings and any progress in India–US trade talks could provide upside support.

Nagaraj Shetti of HDFC Securities said the bounce back from key supports reinforces the positive undertone. "The overall trend remains bullish, and any weakness down to 25,400-25,300 could be viewed as a buy-on-dips opportunity," he said.



Shetti added that a decisive move above 25,700 could take the Nifty towards 26,000 in the near term.

The broader structure remains constructive, said Nilesh Jain of Centrum Broking, adding that a breakout above 25,650 could trigger an upward move towards 25,800.

According to Rupak De of LKP Securities, a move above 25,600 will be crucial to confirm a directional uptrend; until then, the index may continue its sideways consolidation.

Vinay Rajani of HDFC Securities said that the Nifty appears to be in a consolidation phase, with the 50-day EMA at 25,338 acting as key support and resistance seen at swing highs of 25,680 and 25,803.