Trade Setup For Nov 6: Nifty Finds Support At 25,500

Trade Setup For Nov 6: Nifty Finds Support At 25,500–25,300 (Image: Freepik) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Analysts expect the consolidation phase to continue even as the NSE Nifty 50 has seen a corrective decline of more than 500 points in the last nine sessions.

The index formed a bearish candlestick pattern with a lower high and lower low for the fourth session in a row, highlighting extended profit booking on the weekly expiry session. This has come to relieve the earlier overbought condition, according to Bajaj Broking Research.

Key support levels for Nifty are seen around 25,500–25,300, while immediate resistance is placed at 25,800, according to Bajaj Broking Research.

"Sustained move above 25,700 will be essential to revive bullish momentum, wh