Nifty 50, Sensex today: What to expect from stock market indices in trade on November 29

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global market cues. The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 20,031 level as compared to the Nifty futures’ previous close of 19,953.

On Tuesday, domestic benchmark indices snapped two-day losing run to end higher. The Sensex gained 204.16 points to close at 66,174.20, while the Nifty 50 rose 95.00 points, or 0.48%, to end at 19,889.70. The market, after consolidating for the past 7 trading sessions, finally gave a breakout and the Nifty 50 decisively crossed its resistance level of 19,875.

“The price action suggests that it was a short-covering rally. This is also corroborated by the option chain for the current month, where short covering was seen on the call side, and writing was seen on the put side. From here, Nifty may soon see the levels of 20,000 and above," said Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy.

Also Read: 9 things that changed for the stock market overnight - Gift Nifty to dovish US Fed officials Nifty 50 formed a reasonable positive candle on the daily chart with lower shadow. “After facing stiff resistance at the upper range of 19,875-19,900 levels in the last two weeks, the market is now placed at the edge of an upside breakout of range movement as well as the strong overhead resistance at 19,900 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Hence, he believes a sustainable move above 19,900 levels could result in Nifty 50 zooming towards new all-time highs in a quick period of time.