Technical View Nifty 50: 7-Day Rally Ends at 24,986 Close
The Nifty 50 fell 0.18% to 24,986 on November 8, the Muhurat trading day, ending a seven-day winning streak. The index still gained 8.4% for the week, its biggest since February 2021, and analysts mark 24,800 as the first support level.
The Nifty 50, India's benchmark stock index, closed 44 points, or 0.18 percent, lower at 24,986 on November 8, the Muhurat trading day, ending a seven-day winning streak. The technical view for the index points to further consolidation, with 24,800 as the first support level, according to market experts.
Consolidation means prices move sideways after a sharp climb. Profit booking means investors sell to lock in gains.
Week still strong
The index opened moderately higher and reached an intraday high of 25,132, its highest level in nearly eight and a half months. It could not hold that level and stayed range-bound for most of the session.
For the week, the Nifty 50 finished 8.4 percent higher. That was its biggest weekly gain since February 2021, and it left a long bullish candle on the weekly chart. On the daily chart, the index formed a small bearish candle with a minor upper wick, a pattern analysts read as profit booking.
Indicators and levels
Experts said the pullback was expected because the relative strength index (RSI), a gauge of how stretched a rally is, was approaching overbought territory. The RSI slipped to 77.35 from 78.55 but stayed well above its signal line.
The MACD, another momentum measure, kept a strong bullish crossover. Its green histogram bar shrank after growing for eight straight sessions. The index also stayed comfortably above all key moving averages, and the short- and medium-term averages kept trending upward. Together, the indicators suggest bullish momentum is intact while showing some moderation.
Immediate support sits at 24,800, followed by a crucial zone of 24,400–24,300. On the upside, 25,200 is the immediate hurdle, then 25,500. The latter is near the 78.6 percent Fibonacci retracement level of the fall from 26,373 to 22,180, experts said.
"Technically, the Nifty has shown strong momentum and is now trading around the 25,000 mark," Gaurav Udani, founder and CEO of Thincredblu Securities, said. He put the immediate support zone at 24,700–24,800 and said a sustained move above 25,000 could open the way toward 25,300–25,500.
Options data and volatility
Weekly options data showed the largest Call open interest at the 25,500 strike, making it a likely resistance zone. The 25,000–25,100 strikes hold the next-highest Call open interest and may act as immediate resistance. The 24,500 strike carries the most Put open interest and is expected to offer crucial support.
The India VIX, which measures expected market volatility, rose 5.53 percent to 18.43 on Sunday. That signals the possibility of bigger swings ahead, and market watchers said bulls need to stay cautious.
Bank Nifty pulls back
The banking index fell for the first time in five sessions. It dropped 235 points, or 0.4 percent, to 58,851 and formed a noticeable bearish candle on the daily chart.
For the week, though, Bank Nifty surged 7.61 percent, its biggest weekly rally since April 2026. It remains above all key moving averages, but the analysis said further consolidation cannot be ruled out after the recent sharp rally.
