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Below the Market Commentary (closing) for 05 November 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking 

Market Closing Commentary 

Benchmark indices staged a strong rally, extending their winning streak to a sixth consecutive session, as the Republican sweep in the US boosted risk appetite and cheered bulls on Dalal Street. The Nifty reclaimed the 24,500 marks, extending its weekly gains to nearly 1,480 points, while the Sensex surged by around 5,000 points so far this week. Brent crude oil prices remaining below the $100 mark further supported investor sentiment.

The Nifty 50 surged 2.40% to close at 24,536, while the Sensex advanced 2.60% to settle at 79,310.

On the sectoral front, Auto, Financial Services, Realty, and IT were the key gainers, while Media and Energy remained the major laggards.

The broader market also witnessed strong buying interest, with the Nifty Midcap 100 rising 1.87% and the Nifty Small cap 100 gaining 0.56%.

Nifty

Index formed a bullish candle for the sixth session in a row which maintained a higher high and a higher low and a bullish gap below its base 23,960-24,296 signalling extension of the positive momentum. Index in the process closed firmly above the 52 weeks EMA and the trendline joining the previous major high of February and August 2026.

Index sustaining above Thursday’s gap area of 23,960-24,296 will keep the bias positive and open further upside towards the August high of 24,774 in the coming sessions. Only a formation of lower high and lower low in daily chart will signal a pause in the current strong rally.

Nifty has seen a strong up move of more than 2100 points in the last 9 sessions. Hence, some consolidation cannot be ruled out at higher levels, stock specific action will continue to remain in focus.

The short-term support in Nifty is revised higher towards 23,600-23,800 levels being the confluence of the 200 days EMA and the current week breakout area, holding above the same will keep the overall bias positive and dips should be used as a buying opportunity.

Bank Nifty

Bank Nifty formed a strong bullish candle which maintained a higher high and a higher low and a bullish gap below its base 55,913-56,718 signalling extension of the positive momentum. The index in the process closed above the 200 days EMA and closed above the 57,500 levels.

The index started the session on a positive note with a strong gap up above its recent consolidation range and gained momentum as the session progressed to close near the high of the session.

Index generated a breakout above the last 4 weeks broader range of 53,600-56,065 signalling strength and opens upside towards 58,500-58,700 levels in the coming sessions being the high of June 2026 and measuring implication of the recent range breakout.

Only a formation of lower high and lower low in daily chart will signal a pause in the current strong rally.

Short term support is revised higher towards 55,500-56,000 levels being the confluence of the current week low and key retracements of the recent up move 53,626 to 57,847.

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