Pre- Market Commentary: Gift Nifty suggest a gap up opening in today’s session

MUMBAI, 5 NOVEMBER: Index formed a bullish candle for the fifth session in a row which maintained a higher high and a higher low signaling continuation of the positive momentum. Index in the process on expected lines on Wednesday session tested the 200 days EMA.

Gift Nifty suggets a gap up opening in today’s session above the the 52 weeks EMA and the trendline resistance joining the previous major high of February and August 2026.

Index holding above the 24,000 levels will open fresh leg of up move towards 24,400 and 24,700 levels in the coming sessions.

Only a formation of lower high and lower low in daily chart will signal a pause in the current strong rally.

The short-term support in Nifty is revised higher towards 23,200-23,400 levels being the confluence of the 50 days EMA and the current week breakout area, holding above the same will keep the overall bias positive and dips should be used as a buying opportunity.

Bank Nifty: Short term support is revised higher towards 54,500-55,000 levels

Bank Nifty formed a bullish candle with a higher high and a higher low signaling positive bias. Index started the session on a strong note and gained momentum as the session progressed and closed above the 55,913 levels.

The index in the process closed above the 50 days EMA and the trendline resistance joining last 2 months highs highlighting strength and continuation of the positive momentum.

Index in today’s session is likely to open Gap up above the higher band of the last 4 weeks broader range of 54,000-56,065. Index sustaing above 56,000 levels will signal fresh leg of up move towards 57,200 and 58,000 levels in the coming sessions.

Only a formation of lower high and lower low in daily chart will signal a pause in the current strong rally.

Short term support is revised higher towards 54,500-55,000 levels being the confluence of the current week low and key retracements of the recent up move 53,626 to 55,946.

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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