Date 09.11.2026
Technical Summary Nifty CMP 24986.40
As discussed yesterday market behavior remained on the expected lines during the day, as Sustainable buying strength and a continuation of positive sentiment extended the Nifty rally up to an intraday high of 25030.35, while the special Muhurat trading session further stretched the rally to a high of 25131.85 before Nifty finally settled at a closing price of 24986.40.
The Nifty daily technical outlook remains strongly bullish. The extension of the rally via a long bullish candle—followed by a minor Muhurat session pause—signals robust buying pressure and a clear absorption of profit-booking. A decisive breakout above 25076 will trigger the next leg upward toward 25165 and 25255. If demand accentuates further, the index has a high probability of testing 25345.
Conversely, the Nifty daily technical outlook flashes caution on the downside, as the index approaches a crucial bearish opening gap formed earlier in the year (March 2, 2026) alongside an overbought daily RSI, which may attract sharp profit-booking. A persistence in profit-booking could drift the index down toward the 24807–24718 zone upon a decisive break down below 24897. Furthermore, if selling pressure intensifies and the bears take control, Nifty risks testing the critical support level at 24629.
Bank nifty:
Bank Nifty closed at 58,850.65 on 8 November on muhurat trading session at near the days low.
Immediate resistance: 59,120–59,240
Higher resistance: 59,395–59,550
Immediate support: 58,695–58,540
Major support: 58,270–58,000
Sustaining above 59,240 may improve sentiment, while a break below 58,540 could extend the correction.
Open Interest Analysis:
Nifty 50 – For the 9 November expiry, the option-chain PCR is approximately 1.27, with max pain near 24,800. The highest put OI is concentrated at 24,000, while the highest call OI is at 26,000. However, significant near-the-money call OI is also visible around 25,000, making this an important immediate resistance area
Bank Nifty – For the 23 November expiry, the option-chain PCR is around 0.87, indicating relatively higher call OI than put OI. Max pain is near 58,000, with substantial call and put OI concentrated around the same strike.
3. Pivot Levels:
| INDEX | PIVOT | S1 | S2 | S3 | R1 | R2 | R3 |
| NIFTY | 25035 | 24938 | 24890 | 24793 | 25083 | 25179 | 25228 |
| BANK NIFTY | 58968 | 58695 | 58540 | 58267 | 59123 | 59396 | 59551 |
Classic pivot levels calculated from 08 November 2026 OHLC data.
4. FII / DII Activity:
| Date | FII/FPI Net Activity | DII Net Activity |
| 08 Nov | -0.25 Cr | -700.31 Cr |
| 06 Nov | +13749.82 Cr | -5968.70 cr |
FIIs remained strong net buyers on 6 November, while DIIs were net sellers. The 8 November figures are provisional and relate to the special Muhurat session, so Friday’s figures provide a more meaningful indication of institutional participation.
5. International Cues
- US Market: The S&P 500 and Nasdaq ended higher in the latest available session, while Dow futures were marginally positive.
- Crude oil: Brent crude around $97.50–$97.70 per barrel, easing on optimism over possible de-escalation in geopolitical tensions.
- US 10 : year bond yield: Around 86%.
Overall View
Indian markets witnessed some profit booking during Sunday’s special Muhurat session after a strong rally over the previous seven trading sessions. Nifty closed at 24,986 and Bank Nifty at 58,851. Strong FII buying and relatively lower crude prices remain supportive factors, although the rise in India VIX suggests caution.
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