Technical Forecast 07th Nov 2025 by Vaishali Parekh, Vice President - Technical Research at PL Capital
Below the Technical Forecast 07th Nov 2025 by Vaishali Parekh, Vice President - Technical Research at PL Capital
Forecast
NIFTY / SENSEX
Nifty continued with the downward slide after resisting near the 26100 zone further extending the losses to close near the 25500 zone with bias getting slightly weaker having the important support positioned near the 25400 zone as mentioned in our earlier reports. The index would need a decisive move past the 25700 zone to improve the bias from current level and thereafter, expect for further rise after establishing conviction in the coming sessions. Sensex continued with the gradual downward slide for the 2nd consecutive session with bias getting weak and has closed below the 20DMA zone with the 50EMA level of 82670 positioned as the important support zone. With the broader markets also cooling off from the recent peak with profit booking, they arrived near the important 50EMA zone, where one can expect some revival and expect a trend reversal and thereafter anticipate a fresh upward move. The support for the day is seen at 25400 levels, while the resistance is seen at 25700 levels.
BANKNIFTY / BANKEX
BankNifty once again arrived near the near-term support zone at 57500 level with rangebound movement visible since the past 2 weeks gripped between the 58500 and 57500 band for quite some time with bias precariously placed and expecting for fresh directional move in the coming days. As said earlier, a decisive breach above the 58500 zone is much needed to expect a fresh upward move in the coming days, having the higher target of the 60000 level, with the next downside important support positioned near the 50EMA at the 56500 level, which needs to be sustained. Bankex shed some gains with profit booking witnessed and has just moved near the 20DMA zone at the 64750 level with bias slightly shaken. A decisive move above the zone of 65300 level shall trigger a fresh upward move in the coming days, provided the 64000-64100 support band is sustained to keep the overall bias intact. BankNifty would have the daily range of 57300- 58000 levels.
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