Nifty 50 Outlook for 5 November 2026
NIFTY 50 recorded its fifth consecutive trading session with bulls in complete control. The index continues to break important resistance with ease and has now moved above the 200-day EMA with strength. Now that the index is trading above all the major moving averages, these averages will work as support levels. The participation was seen in the broader markets over the last couple of trading sessions, which is a sign of bullish continuation. This up move will still remain in force, and the correction against this move also seems to remain time-wise and not price-wise, which implies limited downside risk.
As far as the derivatives positioning is concerned, short positions got shifted to higher strikes and fresh short buildup was also seen; long buildup was also seen but, conservatively. With the index poised to open higher, the short-covering rally will extend if prices sustain around opening levels for the first 30 minutes.
Key Resistances: 24380 and 24530
Key Supports: 24090 and 23960
Strategy: It seems like the index will open above 24300, so, buy Nifty (Spot level) on dips around 24120 with a stop-loss of 24020, targeting 24270.
ADITYA THUKRAL, PROPRIETOR, AT RESEARCH AND RISK MANAGERS
SEBI Registered Research Analyst INH000013794