According to analysts at HDFC Securities, resistance on any rebound remains around the 26,300 mark
On the daily chart, Nifty formed a bearish candle and continues to maintain a sequence of lower highs and lower lows for the fourth straight session indicating sustained pressure
A decisive close below 25,838 level could mark a short-term trend reversal for Nifty from bullish to bearish, potentially paving the way for a decline towards the next support near 25,740
The Nifty can rally to 26,350 - 26,500 as and when it clears the 26,200 hurdle, says Drumil Vithlani, Technical Analyst of Bonanza.
Technical charts suggest that short-term trend of Sensex, Nifty and MidCap indices is positive, and can rally up to 11%; SmallCap, however, shows a negative bias. Here are the key levels to track.
For the Nifty 50 index, 25,100-level shall be the next key level to watch out for. A breach can take it further down.
Chandan Taparia of Motilal Oswal says BPCL share price has broken out of a falling supply trendline on the daily chart with high volumes, supporting positive outlook.
Stocks to buy today, November 6: Nifty has shown follow up selling after forming top two back-to-back indecision candlestick pattern on the weekly chart
Stocks to buy: Ajit Mishra of Religare Broking recommends buying BCPL, Grasim Industries, and Power Grid; also suggests Nifty trading strategy
Vinay Rajani, senior technical and derivative Analyst at HDFC Securities, recommends 'Buy' on Ujjivan Small Finance Bank and Zensar Technologies
The daily chart shows that Nifty is favourably placed, with shorter-term moving averages quoting above longer-term averages. Near support for the index is seen at 25,700 and 25,355 levels.
Data shows that over 50 per cent, or 255 stocks, from the Nifty 500 index had slipped below August 14 closing prices amid the over 3 per cent fall in Nifty 500 index from its recent high
The NSE Nifty 50 index has declined 1.5 per cent from its recent high; technical charts suggest the index is likely to remain in buy on dip mode as long as it manages to close above 24,975 levels.
Market experts believe that the short-term trend is bullish; but flag caution owing the weakening momentum on key technical indicators. Here are the key levels to watch out for on the Nifty.
Till Nifty holds below 24,850 zones weakness could be seen towards 24,650 then 24,500 zones while hurdles can be seen at 24,850 then 25,000 zones.
Ajit Mishra, Senior Vice President - Research at Religare Broking, has recommended buying shares of NTPC, Exide Industries, and Marico today
Vinay Rajani, senior technical and derivative analyst at HDFC Securities, has recommended buying Groww Nifty India Railways PSU ETF, and Edelweiss BSE Capital Markets & Insurance ETF
The 24340 level, where recent swing lows were registered, continues to be the support for the Nifty. On the upside, today's high of 24702 will now act as a short-term resistance level.
Market Technical outlook: Sensex, Nifty may witness some bounce back as benchmark quote in oversold zone; chart shows major hurdles at 81,900 and 25,325 levels for these indices.
Polycab and Jio Financial Services are among the top stocks to buy today, says Chandan Taparia