Market rally continues into Muhurat session The Indian equity market has logged seven consecutive sessions of gains, buoyed by improving technical indicators and easing crude‑oil prices. On November 6, the benchmark Nifty 50 rose 494 points (2.01%) to close at **25,030**, while the Bank Nifty added 1,312 points (2.27%) to finish at **59,086**. Despite the rally, market breadth stayed negative – about 2,110 stocks fell versus 1,186 that advanced on the NSE.
Key technical levels for Nifty 50 - **Resistance:** Immediate ceiling at the **25,100‑25,200** band, with the next significant barrier at **25,500**. - **Support:** The index finds a floor near **24,800**; a breach could test the **24,300‑24,200** zone. - **RSI:** The relative strength index is edging toward overbought, hinting that a short‑term pull‑back or consolidation may follow the current thrust.
Bank Nifty outlook - **Critical level:** Holding above **59,000** is essential for the index to aim for the **59,500‑60,500** range. - **Support zones:** If the 59,000 mark fails, immediate support lies at **58,700**, followed by **57,300** and **56,700**. - **Long‑term target:** Some analysts project a move toward **61,740‑61,765**, the 100 % Fibonacci extension and the all‑time high.
Analyst perspectives - **Jatin Gedia (Teji Mandi)** notes that Nifty has completed a wave‑4 consolidation at the October low of **22,179.90** and is likely in wave 5, which could reach **32,700‑32,800** over the next 18 months. He advises intraday traders to buy near the VWAP with a stop‑loss at the day’s low. - **Vaishnavi Jagtap (Axis Direct)** highlights that Nifty sits comfortably above its 20‑, 50‑, 100‑ and 200‑day SMAs, confirming a short‑term bullish bias. She recommends a “buy‑on‑dips” approach around **24,800**, with a stop‑loss at **24,300** and a target of **25,400‑25,700**. - For Bank Nifty, both analysts agree the index has broken a three‑month falling channel and is now above its June 2026 high of **58,706**. Jagtap suggests buying futures on dips near **58,500**, targeting **60,000‑60,500**.
Suggested futures strategies - **Nifty:** Enter November futures around **25,032**, stop‑loss at **24,707**, target **25,475**. - **Bank Nifty:** Enter November futures near **58,979**, stop‑loss at **58,200**, target **60,177**.
Market sentiment snapshot The rally has erased the losses accumulated over the previous three months, and the index now trades above its major moving averages. Volume on the breakout week was the highest in 22 weeks, reinforcing the bullish narrative.
--- *All price levels are indicative and subject to market volatility.*