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Below the Market Commentary (closing) for 06 November 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking 

Market Closing Commentary 

Indian benchmark indices witnessed a sharp rally, extending their winning streak to the seventh consecutive session on 6 November, and closed firmly in the green. Despite the sharp sell-off across global markets, domestic equities demonstrated resilience, supported by strong buying interest in heavyweight stocks. The correction in crude oil prices and recovery in the Indian rupee further supported market sentiment. However, broader market participation remained relatively weak compared to the benchmark indices.

At the close, the Sensex surged 1,718.01 points (2.17%) to 81,028.02, while the Nifty gained 493.75 points (2.01%) to settle at 25,030.00.

At the sectoral front, Nifty Private Bank outperformed, gaining 3.22%, while Pharma, Auto and most other sectoral indices also ended on a positive note. Nifty Media, however, emerged as the key laggard.

In the broader market, underperformance was evident, with selling pressure persisting across midcap and smallcap stocks. The Nifty Midcap 100 declined marginally by 0.02%, while the Nifty Small cap 100 slipped 0.82%, highlighting the divergence between benchmark indices and broader market participation

Nifty

Index formed a strong bullish candle for the seventh session in a row which maintained a higher high and a higher low signaling extension of the positive momentum. Index in the process closed firmly above the August 2026 high of 24,774.

Key observation on the weekly chart is that the index has completely retraced its 9 weeks decline from 24,774 to 22,179 in just 5 weeks. A faster retracement of the previous major decline in almost half the time interval signals strength and opens further upside in the coming weeks towards 25,400 and 25,800 levels being 123.6% and 138.2% external retracement of the previous decline 24,774 to 22,180.

On Immediate basis index has resistance at 25,250 while immediate support to watch out is placed at 24,775 levels. Nifty has seen a strong up move of more than 2600 points in last 10 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 signalling extension of the positive momentum. The index in the process closed above the previous major high of 58,706 formed in June 2026.

The index started the session on a soft note amid weak global cues, however buying demand post a soft opening saw the index gaining strength as the session progressed and closed at the high above the 59,000 levels.

Index generated a breakout above the last 4 months range 58,700-54,000 signalling strength and opens upside towards 60,500-61,000 levels in the coming sessions being the previous major highs.

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 57,000-56,500 levels being the confluence of the key retracement of current rally and 52 weeks EMA.

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