Summary:
The Nifty 50 gained 149.75 points to close at 23,960.60 on November 4, approaching 24,000. The index remains above short-term EMAs and its 61.8% Fibonacci level of 23,786.15. Resistance is placed at 24,216.70, while elevated RSI readings suggest possible consolidation.
What is the Nifty Prediction Today, November 5? Index Gains 150 Points, Approaches 24,000 Resistance
The Nifty 50 extended its recovery on Wednesday, gaining 149.75 points, or 0.63%, to finish at 23,960.60. After opening at 23,742.25 and touching a low of 23,696.15, the benchmark climbed to close at its intraday high. The advance brought the index within touching distance of the psychological 24,000 level.
Alongside the broader market trend and Nifty's key technical levels, investors will also track company-specific earnings and corporate announcements during Thursday's trading session. Aurobindo Pharma, BSE, Lenskart, Nykaa and other companies reported their Q2FY27 results, while Adani Power, KSH International, Cupid and Ravindra Energy announced business developments. Read our stocks to watch on November 5 report for the latest company-specific updates.
Nifty Market Breadth: 35 Constituents Advance as Buying Continues
Market breadth remained positive, with 35 of the 50 Nifty constituents closing higher, while 15 ended in the red. Nifty Media, Nifty Realty and Nifty Metal led the sectoral gains. The participation of multiple sectors supported the benchmark's recovery and helped it close at its intraday high of 23,960.60.
The next session will be important in assessing whether this broader buying interest can support a sustained move towards and beyond the 24,000 mark.
Buying interest was spread across much of the index, with 35 constituents ending higher and 15 declining. Nifty Media, Nifty Realty and Nifty Metal led the sectoral gains.
Participation across several sectors supported the recovery. Attention now turns to whether this buying can continue as the benchmark approaches resistance.
Nifty Technical Outlook: Next Fibonacci Hurdle at 24,216.70
On the daily chart, the Nifty remains above its short-term exponential moving averages at 23,292.46 and 23,081.52. This positioning supports the improving trend.
The index has crossed the 61.8% Fibonacci retracement level of 23,786.15, bringing the 78.6% retracement at 24,216.70 into focus. Beyond this level, the previous swing high of 24,774.25 remains a major resistance.
The hourly chart also shows the benchmark trading above its key EMAs. While this supports the upward momentum, the 24,000–24,216 zone could test the strength of the current advance.
Nifty RSI Readings Point to Strong but Stretched Momentum
The daily RSI has risen to 68.55, approaching the overbought threshold. Shorter timeframes show higher readings, with the hourly RSI at 76.84 and the 15-minute RSI at 70.48.
These readings reflect the pace of the recent recovery. They also suggest scope for consolidation or profit booking if the index struggles to move through the nearby resistance zone.
Nifty Levels to Watch on November 5
A decisive break above 24,000 would bring 24,216.70 into focus as the next resistance. Positive breadth and the index’s position above its moving averages continue to support the bullish structure.
On the downside, 23,786.15 is the first important level to monitor, followed by support at 23,480.90. With short-term momentum indicators already elevated, the index’s response around 24,000–24,216 will be central to the next move.
