Trading Plan: Can Nifty 50, Bank Nifty take a breather after the bullish run?

The market may take a breather after a sharp rally of nearly 1,900 points over the last six consecutive sessions, possibly tracking a correction in Asian peers. However, the broader trend remains firmly in favour of the bulls, who have pushed the Nifty 50 to a three-month high amid strengthening market breadth and a bullish technical structure. In the event of consolidation or profit booking, the Nifty 50 could find support in the 24,300-24,200 zone, followed by 24,000, which is a crucial support level. On the upside, 24,800 is expected to act as immediate resistance, followed by 25,000 as a key hurdle.

Meanwhile, Bank Nifty could find immediate support at 56,700 in the event of a correction, followed by the crucial support zone of 56,300-56,150. On the higher side, 58,200 is expected to act as immediate resistance, followed by 58,700, its June swing high, according to market experts. On November 5, the Nifty 50 surged 576 points, or 2.4 percent, to close at 24,537, while the Bank Nifty jumped 1,860 points, or 3.33 percent, to settle at 57,774. Market breadth remained strong on the NSE, with 2,373 stocks advancing, while 956 stocks declined. Nifty Outlook and Strategy Jay Mehta, Technical Research at JM Financial Services Nifty has given a strong breakout above a triangular consolidation pattern that had been in place since February 2, 2026.