Trading Plan: Can Nifty 50, Bank Nifty take a breather after the bullish run?

The market may take a breather after a sharp rally of nearly 1,900 points over the last six consecutive sessions, possibly tracking a correction in Asian peers. However, the broader trend remains firmly in favour of the bulls, who have pushed the Nifty 50 to a three-month high amid strengthening market breadth and a bullish technical structure. In the event of consolidation or profit booking, the Nifty 50 could find support in the 24,300-24,200 zone, followed by 24,000, which is a crucial support level. On the upside, 24,800 is expected to act as immediate resistance, followed by 25,000 as a key hurdle.

Meanwhile, Bank Nifty could find immediate support at 56,700 in the event of a correction, followed by the crucial support zone of 56,300-56,150. On the higher side, 58,200 is expected to act as immediate resistance, followed by 58,700, its June swing high, according to market experts. On November 5, the Nifty 50 surged 576 points, or 2.4 percent, to close at 24,537, while the Bank Nifty jumped 1,860 points, or 3.33 percent, to settle at 57,774. Market breadth remained strong on the NSE, with 2,373 stocks advancing, while 956 stocks declined. Nifty Outlook and Strategy Jay Mehta, Technical Research at JM Financial Services Nifty has given a strong breakout above a triangular consolidation pattern that had been in place since February 2, 2026.

The breakout was followed by consecutive gap-up sessions, reflecting broad-based participation with a majority of stocks trading above their key averages. Volume and trend indicators support continued bullish momentum. Immediate resistance is at 24,800, with the weekly pivot around 24,280. A weekly close above 24,280 would strengthen the case for further upside toward 24,800 and subsequently 25,300. Overall structure remains bullish as long as the index stays above 23,740. On lower time frame, current setup is in heavily oversold zone so some pullback cannot be ruled out. Key Resistance: 24,780, 25,200 Key Support: 24,350, 24,200, 23,950 Strategy: Buy Nifty Futures on dips toward 23,950-24,000 and stay in long trade as long as Nifty stays above 23,700.

Neel Parekh, Derivatives Research Analyst at Samco Securities Nifty sustained its strong upward momentum from the beginning of the November series, breaking key resistance levels and scaling a fresh three-month high. Market breadth remained robust, with the advance-decline ratio above 70 percent, indicating broad-based buying. A decline in Brent crude prices and US 10-year Treasury yields has further supported equity market sentiment. The overall market undertone remains bullish; however, the RSI has entered the overbought zone, indicating scope for near-term consolidation. Nifty is likely to trade within the range, with support at 23,910 (200-DEMA) and resistance at 24,774 (recent swing high).

On the Derivative front, maximum Call open interest at 24,800 and 25,000 indicates resistance, while Put open interest at 24,400 and 24000 highlights key support. Fresh Put writing at 24,400-24,300 and Call short covering at 24,000-24,200 reflect strengthening support and bullish positioning. However, the PCR at 1.37 signals stretched positioning, suggesting some near-term consolidation as the index digests its recent gains. Key Resistance: 24,600, 24,774, 25,000 Key Support: 24,300, 24,200, 23,900 Strategy: Buy Nifty November Futures on dips in the 24,450-24,300 zone, with a stop-loss at 24,200 and a target of 24,770.

Bank Nifty - Outlook and Positioning Jay Mehta, Technical Research at JM Financial Services Bank Nifty has broken out strongly above a triangular consolidation zone that had been in place since June 3, 2026, opening with a gap-up. Price is now trading above short-term, medium-term, and long-term moving averages. Momentum and trend indicators support continued mid-term bullish bias. Resistance is placed near 58,100. A sustained move above this level could open further upside toward 58,900 and 59,800. Within banking private bank space holding more strength than PSU bank. Key Resistance: 58,100, 58,200, 58,900 Key Support: 56,500, 56,400 Strategy: Buy Bank Nifty Futures on dips toward 56,500-56,400, targeting 58,200 and 58,900.

Stay in long trade as long as 55,850 holds. Neel Parekh, Derivatives Research Analyst at Samco Securities Nifty Bank opened with a strong gap-up above its 200-DEMA and sustained the momentum to close near the day's high. The index also moved above the 61.8 percent Fibonacci retracement level of its recent decline from 58,706 to 53,626, signalling strong buying interest and a positive structural shift. The bullish undertone was broad-based, with heavyweight constituents such as HDFC Bank, ICICI Bank, and SBI contributing to the upward momentum. On the Derivatives front, maximum Call open interest is concentrated at 58,000, indicating potential overhead resistance, while significant Put writing at 57,000 highlights a key support zone.

Intraday positioning reflects Call unwinding and fresh Put writing around 56,500-57,000, signalling strengthening support and a shift towards a bullish bias. The PCR at 1.15 indicates stronger Put writing relative to Call writing, further supporting the positive sentiment. Key Resistance: 58,200, 58,700, 59,000 Key Support: 57,300, 57,000, 56,500 Strategy: Buy Nifty Bank November Futures at CMP, targeting 58,700, with a stop-loss at 57,300 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.