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 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.
Strategy: Buy Nifty Futures on dips toward 23,950–24,000 and stay in long trade as long as Nifty stays above 23,700.