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Chartist Talk Nifty 50: 25,424 Is the Level to Beat Next Week

SBI Securities technical analyst Sudeep Shah says the Nifty 50 stays positive while it holds above 24,800. A sustained move over the 25,424 swing high would signal fresh buying, he says, while Bank Nifty sits 1.2 percent below its record.

By matthew jonathan

November 15, 20262 min read

Chartist Talk Nifty 50: 25,424 Is the Level to Beat Next Week. (AI Illustration)

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said on November 14, 2026 that India's Nifty 50 is likely to stay positive as long as it holds above 24,800. In this chartist talk on the Nifty 50, he named 25,424 as the level the index must clear next.

Shah said some consolidation, a pause after a rally, would be normal. In his view it could help the index build a stronger base for its next leg higher.

The levels Shah is watching

The recent swing high of 25,424 is the immediate resistance, Shah said in an interview. A sustained move above it "would signal" renewed buying momentum, he said.

On the weekly chart, the Nifty broke out of a downward-sloping trendline last week and then consolidated. The index formed a Doji candle, a pattern that shows buyers and sellers roughly balanced. Shah reads it as a healthy pause rather than a sign of reversal.

The index has also closed above the 24,750–24,800 zone for a second straight week. Shah said that means it has negated its earlier pattern of lower lows and lower highs.

Momentum gauges point the same way, he said. The RSI broke above its downward-sloping trendline, the MACD line crossed above its signal line, and the ADX has started to climb. The ADX measures how strong a trend is.

Bank Nifty near a record

Bank Nifty also broke out of a trendline last week and followed through this week, according to Shah. PSU banks, which are state-owned lenders, gained 7.84 percent this week, while private banks advanced 2 percent.

The index is now 1.2 percent from its all-time high. It closed above the upper Bollinger Band this week, which Shah said often happens in the early stages of a strong trending move.

Given the sharp rally, he said, some profit booking cannot be ruled out. As long as Bank Nifty holds the 59,000–58,800 support zone, he expects the bullish bias to stay intact and the index to challenge its record in the near term.

Two stocks on his list

For the coming week, Shah picked BHEL and Varroc Engineering as his technical stock ideas. These are his own views, not a recommendation from this publication.

He said BHEL trades above its key moving averages, and its MACD line has crossed above both the signal line and the zero line. Varroc Engineering shows a combination of signals that points to improving bullish momentum, he said.

BHEL has rebounded steadily from an upward-sloping trendline drawn through its low of Rs 368 on June 11 and Rs 372 on July 8. The stock approached that support in late October and has moved higher since, Shah said.