Indian markets ended mostly flat on November 7th , as a volatile session saw buyers and profit-takers offset each other. The index opened weak with a gap-down start but took support near its 50-day EMA. It quickly bounced back from intraday lows and filled the opening gap, yet struggled to hold gains at higher levels, eventually closing around the 25,500 zone. Investors will now focus on developments around the potential U.S. government shutdown, tariff-related news, and updates on U.S.–India and U.S.–China trade talks to gauge how long the current market momentum can hold.

By the close, the Sensex dipped 94.73 points or 0.11% to 83,216.28, while the Nifty slipped 17.40 points or 0.07% to 25,492.30. Sector-wise, metals stood out with a strong 1.4% gain, whereas IT, consumer durables, FMCG, and telecom fell about 0.5% each. In the broader market space, the Midcap index rose 0.63%, while the Small-cap index saw a modest decline of 0.16%.

Nifty Outlook

Nifty on the daily chart has formed a small bull with a sizable lower shadow signaling buying demand at lower levels around the 50 days EMA. Over the past 11 trading sessions, the Nifty has undergone a corrective retracement of approximately 800 points which has led to daily stochastic oscillators approaching oversold territory. Buying demand was seen emerging on Friday’s session from the key support area of 25,200-25,400 being the confluence of the 50 days EMA, previous breakout area and 50% retracement of previous up move (24587-26104).

Going ahead, Bajaj Broking expects index to hold above the support area of 25,200-25,400 and gradually head towards the immediate resistance of 25,850 and then towards the recent 52 weeks high of 26,100 in the coming weeks.

Bank Nifty Outlook

The index on the daily chart has formed a bullish engulfing candle signaling strong buying demand at the lower band of the last 3 weeks trading range. Going ahead, index to extend consolidation of the last two weeks in the range of 57300-58500 thus forming base after the next leg of up move. On the higher key resistance is placed at recent all time high of 58,577. A move above the same will open further upside towards 59,000 being the 138.2% Fibonacci projection of the recent correction (57,628–53,561). While a close below 57300 will open downside towards the key support area of 56,800–56,500. Overall, the outlook remains positive, and current consolidation should be viewed as buying opportunities within these support areas. PSU Banking stocks to extend the recent outperformance.

Also Read: Bajaj Broking, MOFSL and Ashika Institutional Market Commentary

Motilal Oswal Financial Services Ltd

Indian Equity markets opened lower, but later recovered from intra-day lows on the back of buying interest in financials and Banks. Market sentiments improved after the U.S. President indicated that trade talks with India were progressing well. Nifty recovered over 200 points from intraday low to end the day flat with a marginal loss of just 11 points at 25492. Nifty mid-cap 100 index outperformed with a gain of 0.6% while Nifty small cap 100 declined 0.2%. Among sectors, metals led the recovery, with the Nifty Metal index rising 1.4%, followed by PSU banks, up 0.9%. Nifty IT and FMCG closed with losses of 0.6% and 0.5% respectively.

Capital market stocks witnessed strong buying interest after SEBI chairman stated that weekly options expiry will not be abruptly shut down, which provided relief to market participants that had been under pressure from concerns over tightening derivatives segment. The primary market too witnessed good interest with the Rs 6,600 crore offering from Billionbrains Garage Ventures (Groww) getting more than 15x oversubscription from investors. 

Next week, we expect markets to remain range-bound tracking mixed global cues, while optimism around better than expected corporate earnings and any progress in India–U.S. trade talks could provide upside support.