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Published on 06-11-2026 11:31 am

Base Metal Outlook

• Copper prices are expected to remain under pressure and trade lower as investors remain concerned that demand may be negatively impacted by any slowdown in the data-centre buildout. Further, Democrats victory in both chambers reduced expectations for refined-copper tariffs. Meanwhile, premium for spot copper in Shanghai has reached its highest level since 2021. Further, weak dollar, supply concerns and strong demand from China may limit its downside. Additionally, Chilean state copper producer Codelco halted the concentrator at its Andina mine after a blockage in a tailings transport system.

• MCX Copper November is expected to face resistance near Rs1370 level and dip towards Rs1345 level. Only a move below Rs1345 level, it will dip towards Rs1340 level.

• MCX Aluminum November is expected to face resistance near Rs330 level and dip towards Rs325. MCX Zinc November is likely to find support near Rs410 level and rise towards Rs418 level.

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Published on 06-11-2026 10:58 am

BUY BANK NIFTY 57700 PUT NOV ABOVE 840.75 SL BELOW 760 TGT 870-915-955. 23 DEC

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Published on 06-11-2026 10:32 am

Nifty

Nifty extended its strong upward momentum on Thursday, surging to close above 24500 mark, marking another session of decisive buying interest. The consecutive gap-up sequence reflects sustained bullish participation, with the index now approaching a major overhead congestion zone at 24770–25115. The broader market advance was also supportive, with Bank Nifty outperforming and market breadth remaining positive. Daily RSI has moved into the overbought zone, signalling strong buying momentum, while ADX has climbed to 35, indicating strengthening trend intensity. Although the overbought reading raises the possibility of intermittent profit-booking, the rising ADX suggests that the underlying trend remains firmly positive. The latest gap support near 23,870 is the immediate make-or-break level for sustaining the current buying momentum. This zone is also in close proximity to the 5 DEMA, making it a critical reference for traders. Options positioning indicates 24500 as an immediate support zone, while a sustained move below 23870 could weaken the bullish structure and invite deeper consolidation. The 24770–25115 zone represents a major congestion and supply area. A decisive breakout above this band, supported by followthrough buying, could open the way for further upside. However, the 24800–25000 range is likely to keep supply pressure elevated, particularly as the market approaches the weekly expiry. The near-term bias remains strongly bullish, but the sharp rally and overbought RSI warrant caution against chasing elevated prices. Traders should monitor the 23870 gap support closely and prefer selective buying on orderly intraday dips. Sustained strength above 24500 would help preserve the positive setup, while disciplined trailing stop-losses are essential amid the possibility of heightened expiry-related volatility.

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Published on 06-11-2026 10:31 am

Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day . Nifty closed at 24537 with a gain of 576 points . On the daily chart the index has formed a long Bullish candle forming higher High - Low formation compared to previous session indicates positive bias . The chart pattern suggests that if Nifty crosses and sustains above 24600 level it would witness buying which would lead the index towards 24700 - 24850 levels . Important Supports for the day is around 24300 However if index sustains below 24300 then it may witness profit booking which would take the index towards 24200 - 24000 levels .

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Published on 06-11-2026 10:30 am

Intraday Rational :

• Trend - Robust recovery from key support of 53800 confirms strong support zone

• Levels : Buy around 61.8% retracement of 2 days range.

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