Nifty Analysis by Angel One
For November 4, 2025
Nifty write up by Rajesh Bhosale, Equity Technical Analyst, Angel One
Nifty Holds 25650 Support, Consolidation Persists Amid Broader Market Strength
Following the rub-off effect of the last two sessions’ weakness and muted cues from GIFT Nifty, the benchmark started the day with a gap down opening. In the initial trades, prices remained subdued testing levels around 25650, but as the day progressed, Nifty gradually crawled higher and traded within a narrow range with a positive bias. Eventually, the index ended with marginal gains of 0.16%, settling just above the 25750 level.
On the daily chart, Nifty formed a small bullish candle, and while structurally it may seem that not much has changed, a closer look shows that prices successfully defended the key support zone around 25650–25600. This area coincides with the bullish breakout zone of the July swing high near 25670, as well as the 20-DEMA support. As highlighted in our earlier commentary, it is common for price action to retest breakout zones before attempting further upside, and this retest is now clearly visible on the charts. Going ahead, we continue to maintain our buy-on-dip approach, with 25650–25600 acting as the immediate support zone, followed by 25500 as the next strong retracement support. On the flip side, resistance is seen around 25900–26000, while the upper band of last week’s range near 26200–26300 remains a major hurdle for the bulls.
While the headline index lacked strong directional movement, the real action was once again visible in the broader market. As discussed in our earlier outlook, the Nifty Midcap Select Index has broken out of a year-long consolidation and posted its highest weekly close. The index gained over 1% today and has now entered uncharted territory. With this kind of setup, midcaps are likely to continue their outperformance, and traders should remain focused on stock-specific opportunities.
Key levels to watch
NIFTY
Support: 25600 – 25500
Resistance: 25900 – 26000
BANKNIFTY
Support : 57800 – 57500
Resistance: 58300 – 58500
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