The Indian equity market extended its losing streak as major indices closed in the red on November 5, mirroring weak global cues and continued profit booking across sectors. The Nifty 50 slipped further below its short-term averages, while Bank Nifty formed a pattern hinting at short-term consolidation with a bearish bias.

Analyst Dhwani Patel notes that although the broader structure remains positive, the short-term setup suggests caution amid fading momentum. Traders are advised to stay selective and focus on key support levels for directional clarity.

1) Key Levels for the Nifty 50 (25,598)

Resistance based on pivot points: 25,734 / 25,784 / 25,863
Support based on pivot points: 25,575 / 25,525 / 25,445

Technical View:
The Nifty 50 formed a long bearish candle on the daily charts, confirming continuation of the lower high–lower low pattern with above-average volumes. The index slipped below its 10-day and 20-day EMAs, signaling short-term weakness, though it continues to trade above the 50-day and 100-day EMAs, indicating that the medium-term trend is still intact.

Momentum indicators turned cautious — the RSI dropped to 52.76 with a clear bearish crossover, while the MACD turned negative as its histogram slipped below the zero line.
These signals together indicate a weak short-term trend, suggesting that the index could remain under pressure unless it reclaims the 25,780–25,860 resistance zone.

2) Key Levels for the Bank Nifty (57,827)

Resistance based on pivot points: 58,041 / 58,132 / 58,280
Support based on pivot points: 57,745 / 57,654 / 57,506

Resistance based on Fibonacci retracement: 58,735 / 60,142
Support based on Fibonacci retracement: 57,394 / 56,662

Technical View:
The Bank Nifty formed a bearish candle with upper and lower shadows within the previous day’s range — a sign of indecision or inside bar formation. Although the index remains above its short- and medium-term moving averages, the momentum appears to be fading.

The RSI fell to 60.75 and continued its negative crossover, while the MACD also turned bearish, and its histogram moved below the zero line.
This setup reflects a short-term downtrend with the possibility of continued weakness if 57,745 support is breached.

3) Broader Market Overview

After several sessions of volatility, traders are finding limited directional movement.

• Global cues, including geopolitical concerns and fluctuations in crude oil, have added pressure to the domestic market.
• Mid- and small-cap segments also saw minor corrections, though buying was observed in select FMCG and Pharma counters.

Dhwani Patel suggests traders keep a close watch on the Nifty support zone at 25,525 and Bank Nifty near 57,500, as holding above these levels could trigger a short-term recovery bounce.

4) Technical Summary

Index	Trend	Key Support	Key Resistance	RSI	MACD	Outlook
Nifty 50	Bearish	25,525	25,863	52.76	Negative	Weak, caution advised
Bank Nifty	Bearish	57,506	58,280	60.75	Negative	Short-term pressure

5) Analyst View – Dhwani Patel

“Both Nifty and Bank Nifty have entered a short-term consolidation phase. The broader trend remains intact, but the momentum indicators reflect near-term weakness. Traders should adopt a sell-on-rise approach while maintaining strict stop losses below crucial support zones,”
says Dhwani Patel, SEBI Registered Research Analyst at Finversify.

6) Market Sentiment Check

• FIIs: Continue to show net outflows, keeping pressure on the broader market.
• DIIs: Remain net buyers, limiting the downside.
• India VIX: Rose slightly to 12.21, indicating mild uncertainty but still within a comfortable range for bulls.

7) Trading Strategy for the Day

• For Nifty: Traders can consider short positions near resistance levels of 25,780–25,860, with stops above 25,900. Support is seen near 25,525–25,445.
• For Bank Nifty: Resistance near 58,100–58,280, while support rests around 57,500–57,400.

Stock-Specific Focus:
Buying interest may continue in defensive sectors like Pharma, IT, and FMCG, while Financials and Metals could stay range-bound.

8) Market Outlook

As the market approaches the weekend, sentiment is likely to remain cautious. Consolidation may persist before any strong breakout occurs.
For now, a range-bound movement between 25,500–25,850 for Nifty and 57,400–58,300 for Bank Nifty is expected.

9) Nifty & Bank Nifty Options Data

Nifty Options (Monthly Data)

• Maximum Call OI: 26,000 strike (1.58 crore contracts) – acting as major resistance.
• Maximum Put OI: 25,500 strike (1.28 crore contracts) – acting as major support.
• Call Writing: Seen at 25,800 and 26,000 strikes, indicating resistance buildup.
• Put Writing: Active at 25,500 and 25,600 strikes, signaling strong support zones.

Bank Nifty Options (Monthly Data)

• Maximum Call OI: 58,000 strike (15.2 lakh contracts) – resistance level.
• Maximum Put OI: 57,000 strike (13.9 lakh contracts) – strong support.
• Call Writing: Seen at 58,000 and 58,500 strikes.
• Put Writing: Observed at 57,000 and 57,500 strikes.

Interpretation:
The option data suggests a range-bound market with 25,500–25,850 for Nifty and 57,000–58,200 for Bank Nifty. Breakouts beyond these levels could determine fresh directional moves.

10) India VIX Update

The India VIX, also known as the volatility index, edged higher to 12.21 — up 0.9% from the previous session.
While volatility has increased slightly, it remains below the 13–14 caution zone, implying that the broader trend still favors bulls despite short-term pullbacks.

Traders should, however, remain watchful of any sharp uptick in VIX, which could trigger intraday swings and rapid position adjustments in the derivatives market.

Conclusion

As markets approach the weekend, consolidation may continue amid weak global cues.
While the medium-term structure remains bullish, the immediate outlook is neutral to negative, with pressure likely until Nifty reclaims 25,800–25,850 and Bank Nifty crosses 58,200 decisively.

Disclaimer:

This analysis is for educational and informational purposes only. The views expressed by Dhwani Patel are based on technical indicators and market data as of November 6, 2025.
It should not be considered as investment advice. Please consult your financial advisor before making trading or investment decisions.