Pre- Market Commentary: On Immediate basis NIFTY has resistance at 25,250

MUMBAI, 9 NOVEMBER: NIFTY on Friday’s session formed a strong bullish candle for the seventh session in a row which maintained a higher high and a higher low signaling extension of the positive momentum. Index consolidated in a range in the Muhurat trading session on Sunday and closed around the 25,000 levels

Key observation on the weekly chart is that the index has completely retraced its 9 weeks decline from 24,774 to 22,179 in just 5 weeks. A faster retracement of the previous major decline in almost half the time interval signals strength and opens further upside in the coming weeks towards 25,400 and 25,800 levels being 123.6% and 138.2% external retracement of the previous decline 24,774 to 22,180.

On Immediate basis NIFTY has resistance at 25,250 while immediate support to watch out is placed at 24,700 levels. Nifty has seen a strong up move of more than 2600 points in last 10 sessions. Hence, some consolidation cannot be ruled out at higher levels, stock specific action will continue to remain in focus.

The short-term support in Nifty is revised higher towards 23,800 levels being the confluence of the 200 days EMA and the previous week breakout area, holding above the same will keep the overall bias positive and dips should be used as a buying opportunity.

Bank Nifty: Immediate support is placed at 58,500-58,000 levels

Bank Nifty on Friday’s session has formed a strong bullish candle which maintained a higher high and a higher low signalling extension of the positive momentum. The index in the process closed above the previous major high of 58,706 formed in June 2026. Index consolidated in a range in the Muhurat trading session on Sunday and closed around the 58,850 levels

Index generated a breakout above the last 4 months broad range 58,500-54,000 signalling strength and opens upside towards 60,500-61,000 levels in the coming sessions being the previous major highs.

Only a formation of lower high and lower low in daily chart will signal a pause in the current strong rally. Immediate support is placed at 58,500-58,000 levels being Friday’s breakout area.

Short term support is revised higher towards 56,500-56,300 levels being the confluence of the key retracement of current rally and 200 days EMA.

REPORT BY: Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)

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