Trading Plan: Can Nifty 50 sustain above 25,700, Bank Nifty hold 58,000 amid consolidation?

Nifty Trading Plan for November 4

The Nifty 50 bounced back after a two-day correction, but the VIX remained on a rising trend on Monday, signalling some caution in the short term. The index is expected to consolidate further with support in the 25,700–25,600 zone, while on the higher side, the 25,900–26,000 levels are to be watched, as sustaining above them can drive the index toward a record high. Meanwhile, the Bank Nifty is likely to trade in the 57,500–58,500 range, with 58,300–58,500 being the immediate resistance and 58,000 acting as immediate support, followed by 57,600 as key support, experts said.

On November 3, the Nifty 50 rose 41 points to close at 25,763 after witnessing an intraday high-low of 25,803–25,646, while the Bank Nifty performed better than the Nifty 50, climbing 325 points to 58,101 after hitting the day’s high-low of 58,248–57,718. The market breadth turned in favour of the bulls, with about 1,599 shares advancing against 1,226 declining shares on the NSE.

Nifty Outlook and Strategy

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

Nifty, after making a recent swing high of 26,104, has witnessed some selling pressure from higher levels. The index, which had seen a short-covering rally in the October series, has again witnessed selling pressure from higher levels due to short build-up by FIIs. The net index shorts have now jumped from approximately 1,06,000 contracts to 1,18,000 contracts, due to which the index has corrected from 26,104 levels to 25,645 levels.

The India VIX had seen an upsurge due to short covering and managed to trade within a range of 12.50–10 levels on a closing basis; however, it has marginally closed above 12.50 levels, indicating that if the index falls further from hereon, it has a downside risk that is not yet factored into the price.

The PCR (Put-Call Ratio) has jumped from 0.50 to 0.66, due to which the index has bounced from its lows of 24,645 to 25,750 and above. However, if it now breaks the 25,700 level, then the bears will have the upper hand. If the index manages to hold on to the 25,700 level, it may bounce to 25,850–25,900 levels. Therefore, until there is a breakout beyond 26,000, the index is likely to consolidate.

Key Resistance: 25,900, 26,000

Key Support: 25,600, 25,500

Strategy: Buy Nifty Futures in the range of 25,700–25,750, with a stop-loss below 25,600, targeting 25,900 and 26,000.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

At the current juncture, the Nifty 50 has taken strong support near its historical top of June 30 (25,669.35), which is close to the 21-day Exponential Moving Average (DEMA) — a key short-term trend indicator. On the hourly chart, this support zone aligns perfectly with the Ichimoku Cloud, further reinforcing the area as a crucial demand zone where buyers are stepping in.

Additionally, the MACD on the hourly timeframe has started losing momentum and is now turning upward, indicating a potential shift in momentum from bearish to bullish. This confluence of price support, indicator alignment, and early positive signals on momentum tools suggests that the index may witness a positive bias in the coming sessions. Overall, the setup points toward a short-term recovery phase, with 25,669 acting as a pivotal support level for maintaining bullish sentiment.

Key Resistance: 25,900, 26,000

Key Support: 25,700, 25,500

Strategy: Buy Nifty Futures in the 25,900–25,850 zone, with a stop-loss of 25,700, targeting 26,200.

Shitij Gandhi, Senior Research Analyst (Technical) at SMC Global Securities

Traders remained cautious. On the derivatives front, significant Call open interest at the 26,000 and 26,200 strikes suggests strong resistance at higher levels, while aggressive Put writing at 25,700 signals firm support from the bulls. Technically, the index continues to hold above its key moving averages, though momentum appears to be tapering off, indicating the possibility of near-term consolidation within a defined range.

The 25,700–25,600 zone is expected to act as a strong support base, while the 25,900–26,000 range may cap immediate upside. Overall, the undertone remains positive, and traders may consider buying on dips as long as Nifty sustains above the 25,600 mark.

Key Resistance: 26,000, 26,100

Key Support: 25,700, 25,600

Strategy: Buy Nifty Futures on dips near 25,700, with a stop-loss below 25,600, targeting 26,100.

Bank Nifty - Outlook and Positioning

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

Bank Nifty, too, has been consolidating within a range of 58,500 to 57,500 and below that, 57,000 levels. In that process, it seems to be forming a symmetrical triangular pattern as well. As per the options data, it indicates that 58,000 is a critical level, and till it manages to sustain above it, the index remains in an uptrend, whereas below it, the bears have the upper hand.

Beyond 58,500 levels, a breakout can help the index inch up by more than 1,000 points. On the lower side, until it is trading above 56,000 levels on a closing basis, the short- to medium-term trend remains positive.

Key Resistance: 58,500, 59,500

Key Support: 57,500, 57,000

Strategy: Buy Bank Nifty Futures near 58,000, with a stop-loss of 57,400, targeting 58,500 and 59,000.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

At present, the Bank Nifty appears to be finding strong footing near 57,628, which represents its historical top from June 30, 2025. This level also lies close to the 9-day Exponential Moving Average (DEMA), adding weight to the ongoing support zone. On the hourly timeframe, prices are hovering around the Ichimoku Cloud, a region often associated with trend stability and reversal signals.

Meanwhile, the MACD indicator has started to flatten out and turn upward, suggesting that downward momentum is easing and buyers are gradually regaining control. This technical alignment hints that the index may be preparing for a short-term bounce or positive move in the coming sessions. As long as 57,600 holds firm, the overall structure is likely to remain constructive, and a sustained move above near-term resistance levels could trigger renewed bullish momentum.

Key Resistance: 58,500, 58,700

Key Support: 57,600, 57,500

Strategy: Buy Bank Nifty Futures in the 58,300–58,200 zone, with a stop-loss of 57,900, targeting 59,000.

Shitij Gandhi, Senior Research Analyst (Technical) at SMC Global Securities

Bank Nifty commenced the week on a steady note, displaying resilience above its key short- and medium-term moving averages. However, momentum indicators are beginning to flatten, suggesting a phase of consolidation in the near term.

On the derivatives front, substantial Call open interest is concentrated at the 58,500 strike, indicating overhead resistance, while aggressive Put writing at the 58,000 level reflects strong base formation by bullish participants. Technically, the index is expected to trade within a defined range of 57,500–58,500 unless a decisive breakout occurs on either side.

The 57,800–57,500 zone is likely to act as a strong demand area, while the 58,200–58,500 band could restrict immediate upside. Overall bias remains positive, with a buy-on-dips strategy favoured as long as Bank Nifty sustains above the 57,000 mark.

Key Resistance: 58,600, 58,800

Key Support: 58,000, 57,700

Strategy: Buy Bank Nifty Futures on dips near 58,000, with a stop-loss below 57,700, targeting 58,700.

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