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Below the Quote on Closing Market Summary by Hitesh Tailor, Technical Research Analyst at Choice Broking Private Limited

Indian equities witnessed a strong bullish session on 5 November 2026, with Nifty closing at 24,536.60, up 576 points (+2.40%). The index opened with a gap-up of around 417 points, initially touched a low of 24,296.30 and gradually moved towards the day's high of 24,579.90. It formed a strong bullish candle, extending its winning streak to six consecutive sessions and breaking above its falling trendline resistance.

RSI stands at 74.69 against its average of 53.24, indicating strong but stretched momentum. Immediate support is placed at 24,300–24,380, while resistance is seen at 24,650–24,700. PCR stands at 1.32, indicating a positive positioning bias, while India VIX rose 2.83% to 15.6175.

Call OI is concentrated at 24,500–24,600, while Put OI is concentrated around 24,300–24,500. Auto was the top-performing sector (+4.14%), while Media was the weakest (-0.84%), with broad-based sectoral buying supporting the rally.

Bank Nifty outperformed the broader market, closing at 57,773.65 with a sharp gain of 1,860.05 points (+3.33%). After opening at 57,102.80, the index initially declined to 56,718.20 before witnessing strong buying interest and reaching a high of 57,847.65. It closed near the day's high after decisively breaking above its falling trendline resistance.

RSI stands at 69.16 against its average of 47.08, confirming strong bullish momentum. All Bank Nifty constituents closed in positive territory, led by IndusInd Bank (+5.35%) and ICICI Bank (+5.33%), while Federal Bank recorded the lowest gain at 0.98%. The strong breakout and broad-based participation indicate an improving short-term technical structure, although some consolidation may follow the sharp rally.

The overall market bias remains Positive, supported by consecutive gains in Nifty, a decisive trendline breakout and strong participation across banking and other major sectors. However, elevated RSI readings suggest that some profit booking or consolidation may emerge in the near term.

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