The Nifty 50 index experienced a strong recovery, increasing by over 370 points from its lowest point of the day to close almost one percent higher on November 5. This movement was characterized by the formation of a Bullish Piercing Line pattern on daily charts, indicating a potential bullish reversal. The increase in trading volumes further supported this trend.

Analysts predict that if the index continues to rise, it may face resistance in the range of 24,300 to 24,500, while immediate support is expected at 24,000, with a critical level at 23,800. Similarly, the Bank Nifty also saw significant gains, reaching 52,207 after climbing 992 points. There are expectations of further upward movement towards 52,500 and possibly 53,000. Support for the Bank Nifty is seen at 51,700.

Market breadth favored the bulls, with 1,618 shares advancing compared to 866 declining on the NSE. Market experts advise caution for participants as they navigate these developments.