The Nifty 50 decisively broke the low of the previous couple of weeks, signaling that bears have the upper hand. However, Friday’s strong recovery from the 25,318 low can be a supportive factor. Hence, according to experts, if the index decisively breaks the strong 25,300 support (50 DEMA), the 25,000 level can’t be ruled out, but holding above it can raise the possibility of the index moving toward 25,650, followed by 25,800, being key resistance. Meanwhile, the Bank Nifty outperformed the Nifty 50, and Friday’s low (57,160) can be its support zone. As long as the index holds key moving averages, the upward journey toward 58,200 is possible, followed by 58,400–58,600, experts said.
On November 7, the Nifty 50 slipped 17 points to 25,492, while the Bank Nifty jumped 323 points to 57,877. The market breadth was neutral, with 1,428 shares seeing buying interest compared to 1,415 shares that were under pressure on the NSE.
Nifty Outlook and Strategy
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
The past week exhibited a pronounced presence of bearish sentiment, with minimal indications of market recovery or utilization of price dips. However, during the final trading session, the bulls demonstrated notable resilience at a critical juncture, resulting in a substantial intraday recovery.
Technically, the benchmark index has retraced approximately 50 percent of the rally observed in the previous month and has subsequently retested the breakout neckline, underscoring the significance of this zone. On the levels front, 25,350–25,300, which encompasses a weekly breakout zone, 50 percent Fibonacci retracement, and 50-day EMA, is likely to be seen as an intermediate and sacrosanct support zone, and any breakdown is likely to dampen sentiments in the near term.
On the flip side, 25,650–25,700 is likely to act as an intermediate resistance zone, while the sturdy barrier is present around 25,800, and a decisive breakthrough could only reinstate buying momentum in the market.
In light of recent developments and the presence of robust technical indicators, it is advisable to adopt a cautious approach. Investors should refrain from making aggressive commitments on either side of the market and instead await signs of stabilization.
Key Resistance: 25,650, 25,800
Key Support: 25,400, 25,320
Strategy: Buy Nifty Futures on dips to 25,400 with a stop-loss of 25,280, and book profits near 25,800.
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
The Nifty ended the last week 230 points down and formed a bullish candle with a lower high and low structure on the weekly chart, indicating ongoing pressure at higher levels. The index saw a pullback toward the trendline breakout zone near 25,450. For a return to post-breakout momentum, sustained strength above 25,650 will be essential. Conversely, 25,000 remains a crucial support level on the downside.
A decisive move above 25,650 may spark buying interest, pushing it toward the target ranges of 25,800 to 26,000. However, a break below 25,400 could trigger selling pressure and lead down to the levels of 25,200 to 25,000.
In the upcoming week, we expect Nifty to trade within the range of 26,000 to 25,000 with a negative bias. The weekly RSI is on the verge of dropping below its reference line, which reflects waning momentum, while the Stochastic oscillator has turned down from the overbought zone, suggesting the likelihood of short-term consolidation or profit booking.
Key Resistance: 25,550, 25,650
Key Support: 25,400, 25,250
Strategy: Sell Nifty Futures around 25,600 with a stop-loss of 25,750, targeting 25,350–25,300.
Anshul Jain, Head of Research at Lakshmishree Investments
Nifty has finally broken below the two-week shooting star lows of 25,711–25,718, confirming a weekly breakdown and signaling a shift in short-term momentum. However, on the daily chart, the index has shown resilience, bouncing from the gap zone and forming a bullish hammer, indicating the potential for a short-term pullback.
In the week ahead, a rebound toward 25,600–25,650 looks likely — a zone that should be treated as an opportunity to sell on bearish evidence. On the downside, immediate support is now placed at 25,450, and a decisive breach below this level could trigger a sell-off toward 25,300.
Moving averages on lower timeframes are bearishly aligned, and momentum indicators continue to support a sell-on-rally approach until key resistance levels are reclaimed.
Key Resistance: 25,600, 25,650
Key Support: 25,450, 25,300
Strategy: Sell Nifty Futures on rallies toward 25,600–25,650 with a stop-loss above 25,700 for a target of 25,350.
Bank Nifty - Outlook and Positioning
Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One
The last week for the Bank Nifty concluded with minor gains of 0.17 percent. The ongoing consolidation phase following a strong rally has now extended into its third week, with the index exhibiting notable relative strength even as the broader market has undergone profit booking. The outlook remains constructive, and we anticipate the index to resume its upward trajectory once the current coiling phase concludes.
The bullish undertone is further reinforced by buyers’ willingness to defend the 20-DEMA zone, where prices briefly dipped below key supports on an intraday basis but swiftly recovered to close back within the range — a development that could act as a potential springboard in the sessions ahead.
While the broader view remains positive, participants are advised to adopt a buy-on-dips approach toward strong support levels in the 57,500–57,400 band, aligning with the 20-DEMA. On the upside, the 58,000–58,150 zone is expected to act as an immediate hurdle, followed by a stronger resistance area across 58,450–58,600.
Key Resistance: 58,100, 58,450
Key Support: 57,400, 57,000
Strategy: Buy Bank Nifty Futures on dips to 57,500–57,400 for a potential target of 58,100–58,400, with a stop-loss of 56,900.
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
On the weekly chart, Bank Nifty formed a bullish candle with shadows at both ends, indicating heightened volatility and indecisiveness among market participants.
From a technical perspective, a sustained move above 58,000 could trigger fresh buying momentum, potentially lifting the index toward the 58,500 to 59,000 levels. Conversely, a drop below 57,000 may lead to renewed selling pressure, dragging the index lower toward the 56,600 to 56,250 range.
For the upcoming week, we anticipate that Bank Nifty will trade within a broader range of 59,000 to 56,250, with a slightly positive bias. The weekly RSI and Stochastic oscillator have both flattened, signaling a lack of clear momentum and suggesting that the index may continue to consolidate until a decisive breakout occurs.
Key Resistance: 58,000, 58,400
Key Support: 57,600, 57,450
Strategy: Buy Bank Nifty around 57,550 with a stop-loss of 57,350, targeting 58,000–58,200.
Anshul Jain, Head of Research at Lakshmishree Investments
Bank Nifty has rejected the lows of the two weekly shooting stars, effectively creating a bear trap and moving contrary to Nifty’s bearish setup. This rejection suggests that selling pressure is weakening, and a short-term bounce could be in play.
For bears to regain control, the index must sustain below 57,200 — only then will fresh selling momentum emerge. Until that happens, a recovery rally toward the resistance zone of 58,050–58,200 appears likely. Any rejection from this zone could trigger renewed supply and a resumption of the downtrend.
The weekly doji candle reflects indecision but also highlights potential for reversal, especially since the broader trend structure remains bullish. A sustained move above 58,200 would confirm that bulls have regained dominance.
Key Resistance: 58,050, 58,200
Key Support: 57,600, 57,200
Strategy: Sell Bank Nifty Futures on rallies to 58,200 with a stop-loss above 58,400, targeting 57,200.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
