Weekly Update- 7th November 2026

NIFTY50

NIFTY50 at 25,030 surged 8.6% for the week, its best weekly gain in over a year, and extended its winning streak to seven consecutive sessions, the longest rally since November 2025. The index opened the week with a gap-up near 23,222, held the low of 23,207 on Monday and rallied relentlessly through the week, with a big gap-up opening on Thursday, to touch a high of 25,030 and close exactly at the day's high. The rally was driven by a sharp slump in crude oil prices, hopes of de-escalation in the Middle East, and broad-based buying in financials, realty, consumer durables and auto, while the index also closed well above its weekly 200 EMA and its 20-day EMA. The weekly candle is a very strong bullish candle with almost no upper shadow, which shows that buyers were in control throughout the week. However, after such a sharp move, the index is now approaching the unfilled gap area of 25,150–25,200, which could act as an immediate hurdle, and some consolidation or profit booking is possible. Immediate support is at 24,700, followed by 24,300 and 24,000. Resistance is at 25,150–25,200, followed by 25,500 and the January high of 26,000–26,400. A sustained move above 25,200 would open the way toward 25,500 and beyond, whereas a fall below 24,700 would indicate profit booking toward 24,300. Overall, the trend is strongly positive, with a buy-on-dips approach as long as the index holds above 24,300, but fresh buying is better done on dips given that the index is overextended in the short term.

 

 

 

BANKNIFTY

BANK NIFTY at 59,086 gained 8.0% for the week and closed at the day's high on Friday, with a strong uptrend throughout the week. After closing above the 55,000–55,200 resistance zone on Tuesday, the index witnessed a powerful breakout with a big gap-up on Thursday, which carried it above 57,000 and then 58,000, and touched a high of 59,086 on Friday, led by private banks and financial stocks. The weekly candle is a strong bullish candle closing at its high, and the index has now surged more than 5,400 points from the late-October low of 53,626. The index is approaching the psychological 60,000 mark, where some profit booking could be seen. Immediate support is at 58,400, followed by 58,000 and 57,000. Resistance is at 59,500, followed by 60,000 and then the February high of 61,000–61,700. The overall outlook remains positive as long as the index holds above 58,000 on a closing basis, and a close above 60,000 would open the way toward 61,000. A close below 58,000 would indicate a healthy correction toward 57,000. Overall, BANK NIFTY remains in a strong uptrend, with 58,000–58,400 as the key support zone and 60,000 as the next major hurdle.

 

 

TOP GAINING SECTOR

NIFTY FINANCIAL SERVICES was top gainer sector for the week, up about 10.4%

Major gainers were:-

MUTHOOT FINANCE:- up by 19.11%

SHRIRAM FINANCE:- up by 16.76%

BAJAJ FINANCE:- up by 15.83%

HDFC AMC:- up by 14.73%

HDFC BANK:- up by 13.78%

 

 

 

TOP LOSING SECTOR

All the major sectors ended the week in the green. NIFTY IT was the weakest sector for the week, up only about 1.1%, as it lagged the broader rally

Major laggards were:-

INFOSYS:- down by 0.30%

MPHASIS:- down by 0.22%

WIPRO:- down by 0.16%

TCS:- down by 0.16%

 

 

IMPORTANT NEWS

• The NIFTY50 surged 8.6% to 25,030.35, its best week in over a year, and BANK NIFTY gained 8.0% to 59,086. The index extended its winning streak to seven sessions, the longest since November 2025, and crossed the 25,000 mark. All major sectors ended in the green, led by Financial Services (+10.4%), Realty (+10.2%), Consumer Durables (+10.1%), Oil & Gas (+9.6%) and Auto (+9.4%).
  
• Crude oil prices slumped by nearly 9% in a single session after a sweeping win for the Democrats in the US midterm elections raised hopes of an early de-escalation in the Middle East conflict, lifting global risk appetite. Iran said it was ready to reopen the Strait of Hormuz if the US accepts its conditions, with mediators from Qatar and Pakistan holding intense consultations, and India's 10-year bond yield fell by about 10 bps as oil prices slid.
  
• Finance Minister Nirmala Sitharaman said that "circumstances have changed" and that the government will consider tax changes amid foreign portfolio outflows, while committing to sustain infrastructure spending ahead of the Budget. The government also approved 12 projects under the Electronics Component Scheme, including proposals from Dixon, Syrma and Kaynes, and announced a scheme for refining of critical minerals.
  
• Big-ticket deals made headlines. Garden Reach Shipbuilders signed a contract of about ₹32,000 crore with the Indian Navy for five next-generation corvettes, Adani Ports agreed to acquire Europe's EVOS B.V. for €1.18 billion, and Adani Power signed a 25-year, 1,234 MW supply agreement. Bosch announced a 1:1 bonus issue and a 5:1 stock split after Q2 revenue grew 28%.
  
• October auto sales were strong, with Tata Motors PV sales up 23% and Tata Motors CV up 27%, while NSE reported a 23% rise in Q2 profit to ₹2,578 crore. Globally, the Bank of England raised its key rate to 4% in an 8-1 vote. Special Muhurat trading will be held on Sunday, November 8 from 2:20 pm to 3:30 pm.