Daily Morning Report – 06/11/2026

Date 06.11.2026

Technical Summary Nifty CMP 24536.60

As discussed yesterday market behaviour remained on the expected lines during the day, as sustainable buying strength and a continuation of positive sentiment take the nifty rally extreme upto 24579.9

Further on the daily chart, Nifty formed another strong opening bullish gap-up candle, suggesting a continuation of the prevailing positive sentiment. This technical setup signals that Nifty may continue its rally up to the immediate resistance window of 24625–24712. Furthermore, a sustained breakout above these key resistance levels could clear near-term supply barriers, subsequently pushing the index further toward the next major upside targets of 24800–24887.

Furthermore, as this candle appeared after a prolonged rally, it indicates potential buying exhaustion ahead of inevitable profit booking, especially with the daily RSI having climbed deep into the overbought zone. These technical conditions may attract immediate profit-taking from higher levels. A persistence in profit booking could drift the index down toward the 24361–24273 support zone upon a decisive breakdown below 24447. If selling pressure intensifies further from there, Nifty risks retesting the lower psychological cushion near the 24185 level.

Bank nifty

• Bank Nifty witnessed strong buying and closed near its day’s high of 57,847.10.
• Immediate resistance: 58,000–58,175
• Higher resistance: 58,575–58,800
• Immediate support: 57,450–57,050
• Major support: 56,800–56,300
• A sustained move above 58,000 may extend the bullish Failure to hold 57,450 may lead to consolidation.

Open Interest Analysis

Nifty 50 –For the 9 November expiry, the overall option-chain PCR is approximately 1.34, indicating a put-heavy positioning in the full-chain data. The highest call OI is concentrated at 25,000, suggesting an important resistance zone, while the highest put OI is at 23,000. Max pain is around 24,350.

Bank Nifty – For the 23 November expiry, PCR stands near 1.16, indicating a relatively positive put-call positioning. The major call OI concentration is at 58,000, making it an important resistance level, while the major put OI concentration is at 55,000. Max pain is approximately 56,800

3.  Pivot Levels:

Classic pivot levels calculated from 05 November 2026 OHLC data.

4.  FII / DII Activity:

• FII: a net Buying of ₹14,975
• DII: a net Selling of ₹10,445
• FIIs continued their buying streak for the fifth consecutive session, while DIIs remained net Strong foreign inflows supported Thursday’s rally, although the scale of DII selling indicates that domestic institutional activity remains a factor to monitor.

5.  International Cues:

• US Market: Technology stocks witnessed sharp selling, with concerns around AI-related spending and weak technology-sector results.
• Crude oil: Brent was around $99.34, recovering in early trade after a sharp weekly
• US 10 : year bond yield: Around 84%.

Overall View:

Indian markets witnessed a strong rally on Thursday, with Nifty gaining 2.40% and Bank Nifty advancing 3.33%. Strong FII buying, lower crude prices and broad-based buying supported the rally.

By ASHOK BHANARI | SEBI REGISTERED REASERCH ANALYST | REG. INH000019594