Daily Morning Report – 05/11/2026

Date 05.11.2026

Technical Summary Nifty CMP 23960.60

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 upto 23960.6

Further, The formation of back-to-back bullish candles on the Nifty daily chart strongly indicates a continuation of prevailing positive market sentiments. This technical setup signals that Nifty is well-positioned to sustain its current momentum and potentially extend its rally toward the immediate structural resistance window of 24038–24115. Furthermore, a decisive and sustained breakout above this initial cluster could clear near-term supply barriers, subsequently pushing the index further up toward the next key upside targets of 24191–24270.

Furthermore, after a smart rally, the daily RSI has reached near the overbought zone, which may attract some profit booking. A persistence in profit booking could drift the index down toward the 23,806–23,730 zone upon a decisive breakdown below 23,883. If selling pressure intensifies further, Nifty risks testing the 23,651 level.

Bank nifty:

• Closed at 55,913 Up +373.55 points (+0.67%).
• Immediate Support: 55700-55,500.
• Major Support: 55,300-55,000
• Immediate Resistance: 56,000–56,150,
• Major Resistance: 56,350-56,800
• A sustained move above 56,150 may strengthen bullish momentum, while a break below 55,500 could invite profit booking.

Open Interest Analysis:

Nifty 50 – Weekly expiry: 9 November 2026: The 4 November option-chain snapshot shows a PCR of approximately 1.08 and max pain near 23,800. The highest put OI is concentrated at 23,500, indicating an important support zone, while the highest call OI at 24,000 suggests immediate resistance. Fresh put writing and call unwinding around the near-ATM strikes indicate a positive bias. A sustained move above 24,000 may strengthen the upward momentum

Bank Nifty – Monthly expiry: 23 November 2026: The latest option-chain data shows PCR around 1.00 and max pain near 55,700. The highest call OI is at 58,000, while the highest put OI is concentrated at 55,000. This indicates relatively balanced positioning, with 55,000 acting as an important broader support reference. Immediate resistance should be monitored around 56,000–56,200, while fresh OI additions around 55,500–56,000 will help determine the next directional move.

3.  Pivot Levels:

Classic pivot levels calculated from 04 November 2026 OHLC data.

4.  FII / DII Activity:

• FII: a net Buying of ₹7,284
• DII: a net Selling of ₹3,712
• FIIs continued their buying trend for the fifth consecutive session, providing strong support to the market. However, DII selling partially offset the foreign inflows. Continued FII buying remains an important positive factor for the market.

5.  International Cues

• US Market: Wall Street rallied strongly on Dow Jones gained approximately 3.04%, S&P 500 advanced 1.58%, and Nasdaq rose 1.44%.
• US political developments: Democrats’ victory in both chambers of Congress reduced political uncertainty and improved global investor sentiment.
• Crude oil: Brent crude declined sharply to approximately $95.04 per barrel, easing concerns about India’s import bill and inflation.

Overall View:

Indian markets extended their winning streak on Wednesday, supported by consistent FII buying and improving global sentiment. Strong gains in US markets, a sharp decline in crude oil prices and positive GIFT Nifty indications suggest the possibility of a strong gap-up opening today.

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