Indian benchmark indices closed sharply higher on November 17th, with the Nifty reclaiming and firmly holding above the 26,000 level. Expectations of a major trade deal added to the optimism, acting as a potential catalyst for the next leg of the rally. The up-move was further supported by the NDA’s decisive victory in Bihar, which reinforced confidence in policy continuity and political stability. Softer inflation data also contributed to the improved market sentiment. At close, the Sensex was up 388.17 points or 0.46 percent at 84,950.95, and the Nifty was up 103.40 points or 0.40 percent at 26,013.45.

Sectorally, the setup was broadly positive with no laggards, reflecting strong underlying market sentiment. The leadership came from Nifty PSU Bank, Financial Services, and Auto. Other sectors also contributed positively, ensuring a well-balanced market advance. The Midcap and Small-cap indices registered gains of 0.73% & 0.52% respectively.

Nifty Outlook

On the daily chart, Nifty has formed a bullish candle and continues to create higher highs and higher lows, clearly indicating that the uptrend from last week remains strong.

This pattern shows consistent buying interest at every dip. The index is also trading comfortably above its key moving averages across all major timeframes, which further reinforces the strength of the ongoing trend and suggests that buyers are firmly in control. This strong technical backdrop, Nifty is expected to continue its upward move. The index may first approach 26,100, and if momentum sustains, it could extend further towards 26,300 in the near term. On the downside, support has shifted higher to the 25,800–25,850 zone. This area is likely to attract buyers on any pullback, providing a solid base and reducing the chances of a deeper correction. The broader outlook remains constructive, with market sentiment continuing to favour the bulls.

Bank Nifty Outlook

Bank Nifty has registered a clean breakout from its recent consolidation on the daily timeframe, indicating a resurgence of momentum within the banking pack.

There is relative strength on this index as compared to Nifty indicating continued buying interest with the likes of heavyweights and PSU banking stocks. The index is trading well above its important moving averages on all timeframes, showing that the trend is strong and buyers are still in control. This breakout structure points to further upside traction in the near term, with the index now positioned to retest the 59,350 zone as its immediate resistance, and potentially head to 59,850. The broader outlook remains constructive, with market sentiment continuing to favour the bulls.

Also Read: Bajaj Broking & MOFSL Daily Market Closing Commentary Nov 13th

Motilal Oswal Financial Services Ltd 

By Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty ended higher by 103 points closing above the 26k mark, amidst investor optimism as the 2QFY26 corporate earnings concluded on a healthy note. NDA’s landslide victory in the Bihar assembly elections further reaffirmed its dominance in Indian politics and provided a sentiment boost for Indian equities. Broader market outperformed with Nifty Midacap100 and Smallcap100 rising 0.7% and 0.6% respectively.

All sectoral indices ended in the green with PSU Banks and Financial services stocks leading with gains of over 1% each. Bank Nifty hit a fresh record high today, climbing above 58,900 for the first time. The advance comes after a steady upswing in the Bank Nifty over recent sessions, supported by sustained buying in PSU Banks, heavyweight private lenders and firm sectoral sentiment. The potential India-US trade deal remains a crucial trigger that market participants are closely watching.

On the earnings front, the MOFSL Coverage Universe (330+ companies) grew 12% YoY (vs. estimated 9%) in 2QFY26, with overall growth driven by OMCs, Telecom, Metals, Technology, NBFCs – Lending, Cement, and Capital Goods. The current risk-reward setup remains broadly favourable, supported by stronger-than-expected results from Midcaps, that has reinforced confidence in growth revival and signal the potential for future earnings upgrades. Overall, MOFSL expects the market to witness continued up-move, driven by improving earnings momentum, strong domestic macros and stable policy support.