27th November Market Report

27^th November Daily Market Report

Global markets are constructive with Nikkei 225 , KOSPI, DAX and S&P 500 futures all green and VIX depressed, while US 10Y yields drift slightly lower—classic “risk‑on, rates‑contained” backdrop. India rides this with NIFTY, SENSEX and BANKNIFTY making fresh or near‑record highs, led by private banks and FINNIFTY, while INDIA VIX near 12 keeps option prices low. FII selling has slowed sharply and even flipped to small buying, with DIIs strongly net positive, and there are no major domestic macro shocks on the day, so the path of least resistance is still up unless a global headline reverses risk.

Sector Indices & Stocks:
CNXFINAN, NIFTY_MID, FMCG, IT and Media outperform while PSU Banks, Energy, Metals and Realty consolidate, reflecting a rotation into quality domestic growth and consumption plays. Strong corporate news flow in Bajaj Finance , HDFC Bank , ICICI Bank , Axis Bank , Infosys , TCS , Wipro and Reliance underpins indices, though some heavyweights are pausing after strong runs. Upcoming global data are light due to US holidays, while Eurozone sentiment releases and ECB speak could tweak risk appetite but are unlikely to reverse the India‑specific story in the very short term.

Options Structure:
The NIFTY, BANKNIFTY, Mid‑Select and FINANCE option chains all show classic low‑IV, high‑OI ranges around current spot levels: 26,200–26,500 for NIFTY, 59,400–60,000 for BANKNIFTY, 13,900–14,100 for Mid‑Select, and 27,800–28,200 for FINANCE. Put writing is dominant just below spot in all indices, signalling market confidence in supports, while sizable call walls at NIFTY 26,500 and BANKNIFTY 60,000 define near‑term ceilings. With INDIA VIX subdued and FII selling reduced, this structure favours theta‑selling (straddles/strangles/condors) and modest bullish spreads rather than deep OTM long options.

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India Sector Indices

Index	Level	Change	% Chg
CNXFMCG	55,530.10	+87.50	+0.16%
CNXPSUB	8,498.70	-53.25	-0.62%
NIFTY_MID	14,042.45	+33.15	+0.24%
CNXFINAN	28,039.55	+240.05	+0.86%
CNXIT	37,434.95	+70.35	+0.19%
CNXAUTO	27,683.70	-12.70	-0.05%
CNXENER	35,779.30	-185.50	-0.52%
CNXINFRA	9,696.35	-1.90	-0.02%
CNXMETAL	10,270.15	-10.55	-0.10%
CNXPHAR	22,865.25	+2.90	+0.01%
CNXREALTY	907.70	-3.75	-0.41%
CNXMEDIA	1,456.30	+8.25	+0.57%

Two‑line takeaway per segment:

• Leadership is clearly in Financials and Midcaps, with FMCG, IT and Media providing secondary support.
• PSU banks, Energy, Metals and Realty are under mild pressure, showing ongoing sector rotation rather than broad risk‑off.

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2) India Major Indices, Banks & Bluechips

Segment	Symbol	Level	Change	% Chg
Vol	INDIAVIX	12.0750	+0.1075	+0.90%
Index	NIFTY1	26,443.0	+55.0	+0.21%
Index	SENSEX	85,959.91	+350.40	+0.41%
Index	NIFTY	26,284.90	+79.60	+0.30%
Index	BANKNIFTY	59,821.70	+293.60	+0.49%
Index	NIFTY (next)	26,456.70	+75.50	+0.29%
Index	BANKNIFTY	60,085.40	+268.20	+0.45%
Index	FINNIFTY	28,155.90	+209.90	+0.75%
Index	MIDCPNIF	14,122.00	+7.10	+0.05%

Banks / Bluechip	Symbol	Price	Change	% Chg
Bank	HDFCBANI	1,015.15	+11.25	+1.12%
Bank	KOTAKBANI	2,117.30	+13.50	+0.64%
Bank	ICICIBANK	1,392.40	+17.40	+1.27%
Bank	SBIN	978.75	-5.15	-0.52%
Bank	AXISBANK	1,288.30	-1.90	-0.15%
Bluechip	RELIANCE	1,563.90	-6.00	-0.38%
Bluechip	INFY	1,564.70	+6.80	+0.44%
Bluechip	TCS	3,151.80	-11.10	-0.35%
Bluechip	ADANIENT	2,296.20	-18.80	-0.81%
Bluechip	ULTRACEM	11,699.00	-60.00	-0.51%

Two‑line takeaway:

• Index pack is firmly green with INDIA VIX still near 12, confirming a steady uptrend and low‑vol regime.
• Private banks (HDFC Bank , ICICI Bank ) and FINNIFTY are driving Nifty’s gains, while some heavyweights like Reliance , TCS and Adani Enterprises consolidate.

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3) Global Indices, Futures and FX

Spot World / Rates	Symbol	Level	Change	% Chg
Japan	NI225	50,177.56	+618.54	+1.25%
US 5Y Yield	US05Y	3.569	+0.007	+0.20%
US 10Y Yield	US10Y	3.992	-0.008	-0.20%
Vol	VIX	17.19	-1.37	-7.38%

Futures	Symbol	Level	Change	% Chg
US	US500	6,814.5	+0.7	+0.01%
US	US30	47,450	+24	+0.05%
US	NAS100	25,267.9	+9.6	+0.04%
EU	FCE1	8,103.5	+69.5	+0.87%
EU	FDAX1	23,785	+42	+0.18%
EU	FESX1	5,662	+4	+0.07%
China	399106	2,447.41	+14.29	+0.59%
HK	HSI	26,037.06	+108.97	+0.42%
Japan	J225	50,180.6	+86.5	+0.17%
Aus	XJO	8,617.3	+10.8	+0.13%
Korea	KOSPI	3,981.32	+20.45	+0.52%
Russia	IRUS	2,668.38	-17.57	-0.65%
Russia	MZNPI	28,570.26	+238.38	+0.84%

Forex	Pair	Level	Change	% Chg
Major	EURUSD	1.16036	+0.00088	+0.08%
Major	GBPUSD	1.32624	+0.00236	+0.18%
Major	USDJPY	155.88	-0.571	-0.36%
EM FX	USDINR	89.2550	+0.1440	+0.16%

Two‑line takeaway:

• Global risk tone is positive with Nikkei 225 , KOSPI and European futures higher, while VIX collapsing below 18 reflects complacent volatility.
• Slight dollar softness vs EUR and GBP and stronger JPY support the “soft‑landing / gentle‑cuts” narrative, favouring EM risk including India.

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4) FII / DII Cash Provisional

(Values in crores)

Period	FII Gross Buy	FII Gross Sell	FII Net	DII Net
Last 30 Days	3,58,207.5	3,72,759.9	-14,552.3	+87,798.9
Last 2 Weeks	1,89,160.2	1,93,308.9	-4,148.7	+39,195.8
Last 1 Week	1,16,688.9	1,16,779.7	-90.9	+18,659.4
26 Nov 2025	16,232.1	11,454.1	+4,778.0	+6,247.9
25 Nov 2025	16,596.2	15,810.9	+785.3	+3,912.5
24 Nov 2025	54,505.0	58,676.7	-4,171.8	+4,512.9
21 Nov 2025	14,585.9	16,351.9	-1,766.0	+3,161.6

Two‑line takeaway:

• Over the month FIIs are net sellers, but intensity has dropped sharply in the last week, even turning small net buyers on the last two sessions.
• DIIs are consistently and strongly net buyers, clearly supporting the uptrend in Nifty and BankNifty.

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5) Options – NIFTY (Dec 30 Expiry, around 26,200–26,550)

Key strikes from visible rows:

Strike	Call Vol	Put Vol	Comment
26,000	1,260,900	3,581,100	Heavy two‑way interest, major support/pivot.
26,050	19,050	82,050	Lower activity.
26,100	556,800	864,300	Strong put OI, second line of defence.
26,150	52,350	132,300	Moderate.
26,200	1,209,975	1,605,600	Massive call+put writing – primary magnet.
26,250	218,475	273,375	Thick but lower than 26,200.
26,300	1,073,175	1,359,150	Strong OI just above spot (26,280).
26,350	153,975	66,150	Lighter.
26,400	777,825	708,825	Resistance band.
26,450	75,600	53,550	OI tapers.
26,500	2,303,100	1,107,750	Big call wall, decent puts – strong resistance.
26,550	67,575	43,500	Light.

Two‑line takeaway:

• Market is tightly pinned between 26,200 and 26,500 with enormous OI at 26,200/26,300/26,500—this is classic low‑IV range writing.
• 26,000–26,100 is strong support, 26,500 is immediate resistance; a clean break either side will trigger sharp short‑covering.

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6) Options – BANKNIFTY (Dec 30, around 59,300–60,400)

(Spot near 59,820)

Strike	Call Vol	Put Vol	Comment
59,300	1,04,055	2,88,855	Put‑heavy support just below spot.
59,400	2,49,130	3,87,905	Strong two‑way trade.
59,500	13,45,925	15,11,300	Dominant strike, both call & put.
59,600	10,56,615	7,37,170	Still large.
59,700	13,40,955	10,14,300	Big cluster area.
59,800	10,63,300	9,53,085	Around spot, heavy.
59,900	6,43,440	4,22,135	Slight taper.
60,000	22,91,975	13,00,110	Major call wall, big puts too.
60,100	4,64,100	2,10,245	Above resistance.
60,200	4,86,570	91,595	Much lighter.
60,300	5,12,610	42,700	Far OTM.
60,400	2,88,050	28,840	Very light.

Two‑line takeaway:

• BANKNIFTY is boxed between 59,400–60,000 with a particularly huge build at 59,500 and 60,000, implying market makers see this as the main battlefield.
• Put volumes just below spot show dips being bought; 60,000 calls act as the big cap on upside.

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7) Options – NIFTY MID‑SELECT (Dec 30, around 14,000)

(Spot ~14,044)

Strike	Call Vol	Put Vol	Comment
13,900	41,160	1,65,200	Good OI, first support.
13,925	1,680	7,560	Thin.
13,950	45,080	99,260	Support zone.
13,975	9,520	52,500	Moderate.
14,000	5,37,180	5,15,340	ATM hot spot, both sides heavy.
14,025	54,460	79,520	Still busy.
14,050	2,44,300	2,25,680	Big, upper band.
14,075	84,980	75,320	Lighter.
14,100	4,64,520	3,59,660	Resistance band.
14,125	22,680	10,080	Thins out.
14,150	47,600	33,040	OTM.
14,175	9,100	25,460	Far OTM.

Two‑line takeaway:

• Mid‑select is tightly range‑bound around 14,000–14,050, with symmetric heavy OI: clearly a theta‑selling playground.
• 13,900–13,950 is defended; 14,100–14,150 caps near‑term upside unless a strong breakout occurs.

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8) Options – CNXFINANCE (Dec 30, around 28,000)

(Spot ~28,041)

Strike	Call Vol	Put Vol	Comment
27,750	1,170	2,860	Light.
27,800	14,560	38,935	First support.
27,850	3,770	6,240	Thin.
27,900	33,150	60,385	Large put writing.
27,950	19,045	7,345	Decent.
28,000	81,185	66,950	ATM magnet; biggest call vol.
28,050	3,510	–	Light above.
28,100	19,825	9,425	Moderate resistance.
28,150	2,405	–	Light.
28,200	13,910	1,290	Slight call skew.
28,250	65	910	Tiny.
28,300	910	–	Very light.

Two‑line takeaway:

• FINANCE index shows very strong put building below spot (27,800–27,900) and healthy call volume at 28,000, pointing to bullish consolidation.
• Traders expect the index to hold 27,800–28,200, with dips being bought aggressively in NBFCs and private banks.

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9) Nifty‑50 News Flow (Key themes, not a full table)

• Positive items: strong results/updates for Bajaj Finance , Axis Bank raising debentures, HDFC Bank and ICICI Bank driving Nifty up, Reliance capex/investment updates, Infosys , TCS , Wipro AI partnerships.
• Theme is that banks, NBFCs and IT continue to see favourable news and institutional interest.

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Global and India Index Levels – Snapshot

• Global futures (US500 , US30 , NAS100 , DAX , EURO STOXX 50 , Nikkei 225 , KOSPI, HSI) are mildly green with VIX near 17, signalling a constructive risk‑on backdrop.
• In India, NIFTY1! around 26,445, SENSEX near 85,960 and BANKNIFTY ~59,800 are all up 0.3–0.5%, with FINNIFTY and CNXFINAN stronger and CNXPSUB, CNXENER and CNXMETAL slightly weak. INDIA VIX near 12 remains low, favouring option selling structures on indices.

Takeaway: Bias is moderately bullish but not euphoric; low volatility and positive global cues favour continuation trades rather than fresh aggressive breakouts.

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Options Data – Segment-wise Read

NIFTY Options (near 26,200–26,500 strikes)

• Very high call OI and volume at 26,200, 26,250 and 26,300 strikes; heavy put volumes also cluster near 26,000–26,200.
• Implied volatility is about 8–13% and fairly flat across strikes, showing no panic or extreme skew.
• NIFTY spot around 26,280 trades between 26,250 and 26,300 strikes – classic “pin” area with max liquidity.

Two-line takeaway: Market makers are building a tight range around 26,200–26,300 with strong call and put writing. Breaks beyond 26,000 or 26,500 are likely to trigger short covering on one side.

Suggested strategies:

• Range view: Short straddle/strangle (26,300 CE + 26,300 PE or 26,200–26,400 short strangle) with strict risk management.
• Directional: If global cues remain positive and NIFTY holds above 26,250, use bull call spread (buy 26,300 CE, sell 26,600 CE). If it slips below 26,100 with volume, switch to bear put spread (buy 26,100 PE, sell 25,800 PE).

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SENSEX Options (85,400–86,500 strikes)

• Visible call OI at 85,400–85,800 while puts show strong volume from 85,400 to 86,000, with spot near 85,960.
• IV is around 8–13%, similar to NIFTY.
• 86,000 strike put has the highest visible volume, suggesting strong protection/put writing.

Two-line takeaway: SENSEX has a bullish bias with 86,000 acting as a key pivot; strong put activity suggests big players defend this area. Upside may extend towards 86,500–87,000 if global momentum persists.

Suggested strategies:

• Mildly bullish: Bull put spread (sell 86,000 PE, buy 85,000 PE) to collect premium while using 85k as risk line.
• Neutral to mildly bullish: Iron condor using 85,000/84,000 puts and 87,000/88,000 calls, taking advantage of low IV and expected consolidation after a big run.

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BANKNIFTY Options (around 59,300–60,200)

• Highest call volumes and OI roughly at 59,500, 59,600 and 59,800–60,000; puts concentrated at 59,300–59,700.
• Spot near 59,820 stands just above the max‑pain cluster around 59,500–59,700.
• IV is around 9–13% – low for Bank index.

Two-line takeaway: BANKNIFTY is in a bullish channel but option writers cap upside near 60,000. Strong put writing below 59,500 hints that dips are being bought.

Suggested strategies:

• Trend‑following: Bull call spread (buy 59,800 CE, sell 60,500 CE) if price sustains above 59,800.
• Income: Bull put spread (sell 59,500 PE, buy 58,500 PE) – logical while FII selling is moderate and DII buying strong in banks.
• Hedge: If you hold heavy bank longs, cheap OTM puts (58,500/58,000) can be bought as disaster hedge given low IV.

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FINANCE Index (CNXFINANCE Options)

• Options around 28,000–28,200 strikes show max call and put volumes; spot is close to 28,040.
• IV around 10–14% with slightly higher skew on puts (hedging after strong run in NBFCs and private banks).
• FINNIFTY cash index is also strong intraday.

Two-line takeaway: Financials remain a leadership sector; options indicate consolidation between 27,800 and 28,400 rather than a sharp reversal. Put writers remain confident, but any macro shock (rates/credit) could unwind quickly.

Suggested strategies:

• Sideways to up: Short strangle (sell 27,800 PE and 28,400 CE) or narrow iron condor around 28,000.
• Directional: For further outperformance, bull call spread (28,200–28,600 CE) aligned with strong flows into FINNIFTY heavyweights like HDFCBANK and ICICIBANK .

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NIFTY MID‑SELECT Options

• ATM zone around 14,000–14,050 has the largest call and put volumes; IV 12–17% slightly higher than large caps.
• Midcaps have rallied strongly, so put volumes/hedging are more pronounced.

Two-line takeaway: Market expects midcaps to cool after a big run but not crash; writers are collecting theta near 14,000. Break below 13,800 would be the first sign of deeper correction.

Suggested strategies:

• If you are long midcaps, protect with put spreads (buy 13,900 PE, sell 13,500 PE) instead of naked long equity.
• Option sellers can deploy iron condors or short strangles around 13,800–14,200, but with smaller size as midcap volatility can spike quickly.

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Sectoral Indices & Cash/FII–DII Data

• CNXFMCG, CNXFINAN, CNXMEDIA, NIFTY_MIDCAP, PSUBANK, METAL, ENERGY etc. show divergent sector performance: finance and midcaps up strongly, PSU banks and metals soft.
• FII cash data: last 30 days show net FII selling (~14.5k crores) but strong DII buying (~87k crores), meaning domestic money is supporting dips.
• Short‑term: last 2 weeks still show net FII selling, but last few days show mixed small buy/sell, signalling no aggressive FII trend.

Two-line takeaway: The rally is DII and retail driven rather than FII led; this supports extension but makes market vulnerable to global risk‑off. Sector rotation into banks, financials and midcaps is visible, while metals/energy lag.

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Macro & News Drivers for Today

• Global: US closed/low volume around Thanksgiving, so external volatility is lower; focus shifts to Eurozone commentary and domestic events.
• Domestic: stock‑specific news in Nifty 50—positive news flow around Axis Bank , Bajaj Finance , HDFC Bank , ICICI Bank , TCS , Infosys , Wipro , Adani Enterprises —all support the current bank/IT leadership narrative.
• No major high‑impact data immediately, so technicals and flows will dominate intraday moves.

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How to Trade – Practical Takeaways and Caution

1. Bias & Direction
   • Overall index bias is mildly bullish, with key support zones: NIFTY 26,100–26,200; SENSEX 85,000–85,500; BANKNIFTY 59,300–59,500.
   • Trend remains up while these support zones hold; any closing break below them, combined with fresh FII selling, should flip you to defensive.
2. Preferred Strategies by Index
   • NIFTY:
     • Base case: range to slightly up – short 26,200–26,400 strangles or deploy 26,300/26,600 bull call spread.
     • Hedge equity longs with cheap OTM puts (25,800/25,500) given low IV.
   • SENSEX:
     • Bull put spreads around 86,000, or iron condor 85,000–87,000 to monetise low IV.
     • Only attempt directional shorts if SENSEX closes below 85,000 with rising VIX.
   • BANKNIFTY:
     • Favour bullish strategies: buy 59,800–60,500 call spreads or sell 59,500 puts with hedge.
     • Because of faster moves, always trade defined‑risk spreads rather than naked options.
   • FINANCE / FINNIFTY:
     • Sector leadership suggests buy‑on‑dips; use 28,000 call spreads or 27,800–28,400 condors for income.
3. Risk Management
   • Keep position size smaller than usual due to concentrated domestic flows and possibility of sudden FII risk‑off.
   • Monitor INDIA VIX: a move above 14–15 would warn that short‑volatility positions need quick reduction or hedging.
   • Avoid overexposure to midcaps; use protective puts for existing portfolios instead of fresh naked longs at these elevated levels.

Net message: trade with the trend—slightly bullish and sector‑rotational—but respect that the move is extended and volatility artificially low; focus on defined‑risk option spreads around key strikes rather than high‑leverage naked positions.

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