The Nifty 50 shrugged off the AI-led global market rout and continued its powerful Diwali rally for the seventh consecutive session on November 6. The benchmark index convincingly surpassed its August swing high and closed above the psychologically important 25,000 mark for the first time since February 2026, gaining 2 percent.
The bullish momentum, supported by strong technical indicators and sustained buying interest from foreign institutional investors (FIIs), helped the index rally more than 2,300 points since October 28. The benchmark was also heading for its biggest weekly gain since February 2021, having surged 8.58 percent so far this week, with a short Muhurat Trading session scheduled for Sunday, November 8.
The massive rally also helped the index stage a decisive breakout from its five-week consolidation phase.
Going ahead, the Nifty 50 needs to surpass the immediate hurdle of 25,150 to fill the bearish gap formed on March 2. This will be followed by the crucial resistance at 25,500, which nearly coincides with the 78.6 percent Fibonacci retracement level of the correction from the record high of 26,373 on January 5 to the October low of 22,180.
On the downside, support has shifted higher to 24,800, followed by 24,600 and the crucial support zone of 24,400, according to market experts.