On November 8, the Nifty 50 fell 44 points to close at 24,986, while the Bank Nifty fell 235 points to 58,851. Despite this consolidation, experts said the market sentiment remains positive. Many shares advanced on the NSE, showing that the broader market structure is strong as investors watch key levels.
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Considering the strong broader market structure, bullish momentum and crude oil prices trading below $100 a barrel, overall market sentiment is likely to remain positive, despite the possibility of consolidation, which is generally considered healthy for the market. The Nifty 50 is expected to face resistance in the 25,100–25,200 range in the coming sessions. A move towards 25,500 cannot be ruled out if the index decisively breaks above this zone. On the downside, 24,800 is likely to act as an immediate and crucial support. As long as the index holds above this level, consolidation followed by a further upmove remains possible. Meanwhile, the 59,000 level is crucial for the Bank Nifty to move towards 59,500–60,500. A failure to sustain above this level could lead to consolidation, with immediate support at 58,700, followed by the 58,300–58,000 zone, experts said.
On November 8, the Nifty 50 fell 44 points, or 0.18 percent, to close at 24,986, while the Bank Nifty declined 235 points, or 0.4 percent, to 58,851. However, market breadth remained positive, with around 2,581 shares advancing against 663 declining shares on the NSE.
Nifty Outlook and Strategy
Anshul Jain, Independent Analyst
Nifty has delivered the breakout the weekly chart was hinting at. Last week the index closed above the 24,800 neckline of a double bottom, a classic reversal pattern, and it has held that level in the current session. Such a pattern signals that sellers have run out of steam at the lows.
The 25,000 mark did cap the rally, but the profit booking was shallow, with no sign of heavy selling. Stalling at a round-number resistance is routine; what matters is that sellers failed to follow through.
The levels to watch are clear. Support sits at 24,775, followed by 24,700 and 24,650. Dips towards this zone, just beneath the neckline, should act as a launchpad for the next leg towards 25,200. Only a close below 24,600 would damage the structure and invite deeper profit booking.
For the week ahead, 25,200 is the immediate resistance, with 25,450 the next major hurdle above it. On the daily chart, the moving averages are acting as support, which favours a buy-on-dips approach over chasing strength.
With market breadth, sentiment and price structure aligned, the bias stays firmly positive. Until 24,600 breaks on a closing basis, dips are opportunities, not warnings.
Key Resistance: 25,200, 25,450
Key Support: 24,900, 24,775
Strategy: Buy Nifty Futures on dips between 24,900-24,775 with stop-loss below 24,700 for an upside of 25,200-25,450.
Mahesh Ojha, Vice President Research and Business Development at Kantilal Chhaganlal Securities
Nifty has witnessed a sharp recovery from the recent low of 22,200–22,300, forming a strong bullish structure with higher highs and higher lows. The index has reclaimed its important resistance levels around 24,000 and 24,500, indicating improving market sentiment and renewed buying interest. It is currently approaching a crucial resistance zone of 25,000–25,150, which will be an important level to watch for a sustained breakout.
The RSI has surged to approximately 77.4, entering the overbought territory, indicating strong bullish momentum but also suggesting the possibility of near-term consolidation or profit booking. A decisive close above 25,150 could extend the rally towards 25,500–25,700. On the downside, 24,500 and 24,000 will act as immediate and crucial support levels, respectively.
Key Resistance: 25,200, 25,500, 25,700
Key Support: 24,800, 24,600, 24,500
Strategy: Buy on dips. Buy Nifty Futures in the 24,800-25,000 range, with a stop-loss below 24,600, targeting 25,200-25,500-25,700.
Bank Nifty - Outlook and Positioning
Anshul Jain, Independent Analyst
Bank Nifty has completed a double bottom, a textbook reversal pattern, with the base near 54,000 and the neckline at 58,650. Last week’s close above that neckline confirmed the breakout.
Volumes on the upside have been strong, showing that buyers are participating with conviction. The 58,650-58,000 zone is where to look for entries, with the upper VWAP band at 60,500-61,000 as the immediate target. The daily and weekly moving averages are acting as support, reinforcing the buy-on-dips approach.
Momentum explains the pause. On the daily chart it is in expansion, so expect four to five sessions of consolidation before the uptrend resumes. This is a trend catching its breath, not losing it. On the weekly chart, momentum is still in a contraction phase, leaving room for a larger move towards 64,500.
The line in the sand is 58,000. A break below it would signal a break of structure and a failed breakout, and the bullish view would be off. Until then, dips are for accumulating, not for worrying.
Key Resistance: 60,500, 61,000
Key Support: 58,650, 58,000
Strategy: Buy Bank Nifty Futures on dips between 58,650-58,000 with stop-loss below 57,850 for an immediate upside of 61,000.
Mahesh Ojha, Vice President Research and Business Development at Kantilal Chhaganlal Securities
Bank Nifty has witnessed a strong bullish breakout after consolidating in the 54,000–57,000 zone for several months. The index has moved sharply higher with a strong bullish candle, indicating fresh buying interest and improving market momentum.
The breakout is supported by rising volume and positive momentum. However, the RSI has moved above 70, indicating an overbought condition, which could lead to some profit-booking or consolidation at higher levels, recent upmove is accompanied by higher trading volumes, supporting the breakout. Momentum indicator has turned sharply positive, indicating strength in the ongoing recovery.
Combination of strong price action, rising volumes and positive momentum indicates the possibility of further upside.
A sustained move above 60,000 would strengthen the bullish outlook, with 60,500–61,000 as the next potential targets.