Pre- Market Commentary: short-term support in Nifty is revised higher towards 23,600-23,800 levels

MUMBAI, 6 NOVEMBER: NIFTY formed a bullish candle for the sixth session in a row which maintained a higher high and a higher low and a bullish gap below its base 23,960-24,296 signaling extension of the positive momentum. Index in the process closed firmly above the 52 weeks EMA and the trendline joining the previous major high of February and August 2026.

NIFTY sustaining above Thursday’s gap area of 23,960-24,296 will keep the bias positive and open further upside towards the August high of 24,774 in the coming sessions. Only a formation of sustained lower high and lower low in daily chart and a close below Thursday’s gap area will signal a pause in the current strong rally.

Nifty has seen a strong up move of more than 2100 points in the last 9 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 23,600-23,800 levels being the confluence of the 200 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 55,500-56,000 levels

Bank Nifty formed a strong bullish candle which maintained a higher high and a higher low and a bullish gap below its base 55,913-56,718 signaling extension of the positive momentum. The index in the process closed above the 200 days EMA and closed above the 57,500 levels.

Index generated a breakout above the last 4 weeks broader range of 53,600-56,065 signaling strength and opens upside towards 58,500-58,700 levels in the coming sessions being the high of June 2026 and measuring implication of the recent range breakout.

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 55,500-56,000 levels being the confluence of the current week low and key retracements of the recent up move 53,626 to 57,847.

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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