Trading guide, Nov 26: Check key Nifty levels to watch; two stocks to buy

A decisive close below 25,838 level could mark a short-term trend reversal for Nifty from bullish to bearish, potentially paving the way for a decline towards the next support near 25,740

Nifty View

Nifty has closed very near to its previous swing low of 25,856 and near to its 20 DEMA placed at 25,838. A decisive close below this level could mark a short-term trend reversal from bullish to bearish, potentially paving the way for a decline towards the next support near 25,740. On the upside, the zone between 26,000 and 26,050 is likely to act as a strong resistance area in the near term.

Buy NBCC (₹117) | Target: ₹125 | Stop-loss: ₹112

NBCC stock price has broken out from the previous swing high resistance on the daily chart. Stock is placed above all key moving averages, indicating bullish trend on all time frames. Indicators and oscillators have been showing strength in the current trend.

Buy IDBI Bank (₹101) | Target: ₹114 | Stop-loss: ₹95.5

IDBI Bank stock price has broken out from the downward sloping trend line on the weekly chart. PSU Banking sector index has been outperforming for last few months. Stock is placed above all key moving averages, indicating bullish trend on all time frames. 

(Disclaimer:This article is by Vinay Rajani, senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)