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Below the Quote on Morning Outlook from Sachin Gupta, VP – Technical Research, Choice Equity Broking

"Indian equities are likely to open higher, with Gift Nifty trading around 113 points higher, indicating a positive gap-up opening for the domestic markets. Global cues are relatively supportive, as U.S. equities ended Friday on a positive note, with the Nasdaq gaining 1.09% and the S&P 500 advancing 0.31%, led by a late-session recovery in technology and semiconductor stocks. However, the Dow Jones declined 0.46%, while all three major indices recorded sharp weekly losses amid concerns over the economic outlook and a stronger-than-expected October jobs report.

In the previous session on 6th November 2026, Nifty witnessed a powerful rally, closing at 25,030.35, up 493.75 points (+2.01%). Strong buying emerged from the opening, pushing the index towards the day's high at the close. The index formed a strong bullish candle and decisively broke above its falling trendline resistance and key moving averages, indicating a significant improvement in short-term momentum. Private Banks led sectoral gains, while most major sectors ended higher.

Technically, Nifty's immediate trading range is placed at 24,800–25,200. The recent breakout has improved the near-term outlook, and sustained trading above the 25,000 psychological mark could support further upward momentum. However, the index will need to maintain its position above the breakout zone to extend the recovery, while a move below 24,800 may invite some profit booking.

Bank Nifty outperformed the broader market, surging 1,312.35 points (+2.27%) to close at 59,086.00, its intraday high. Despite opening lower, the index witnessed aggressive buying throughout the session, forming a strong bullish candle and decisively breaking above its falling trendline resistance and key moving averages. Private banking stocks spearheaded the rally, with ICICI Bank gaining 4.75%. The immediate trading range is placed at 58,500–59,500, with sustained strength above the upper end likely to support further upside.

On 6th November 2026, FIIs emerged as strong net buyers, injecting ?13,749.82 crore into the Indian equity market. In contrast, DIIs turned net sellers, offloading equities worth ?5,968.70 crore. The strong foreign institutional participation provided significant support to the market rally.

Meanwhile, Indian benchmark indices ended the special Diwali Muhurat trading session on 8th November 2026 marginally lower, marking a flat start to Samvat 2083. Sensex declined 28.62 points (-0.04%) to close at 80,999.40, while Nifty slipped 43.95 points (-0.18%) to settle at 24,986.40, surrendering early gains towards the end of the session. Despite the marginal decline in benchmark indices, market breadth remained positive, with over 3,000 stocks advancing, led by pharmaceutical and media stocks.

The overall market bias remains positive, supported by the strong Friday rally, positive Gift Nifty indication and substantial FII buying. Nifty's breakout above its falling trendline and key moving averages, along with a similar recovery in Bank Nifty, signals improving short-term momentum. However, traders should monitor the 24,800–25,200 range in Nifty and 58,500–59,500 range in Bank Nifty for further directional cues. Sustained buying above immediate resistance levels could extend the recovery, while failure to hold key supports may trigger profit booking."

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