Trade Setup For Nov 7: Nifty 50 Poised For Breakout: Target Set At 25,130

The Nifty 50 is on the verge of a breakout from a descending broadening wedge formation, according to Aditya Gaggar, director of Progressive Shares. In case of a successful breakout, the approximate target for Nifty is 25,130, with the support moving higher to 24,300, he said.

Shrikant Chouhan, head equity research at Kotak Securities, expects the Nifty 50 to touch 24,700-24,800 soon if the index remains above 24,400. “However, if the market (Nifty) fails to sustain above 24,500, it could correct and retest the previous resistance levels, which were at 24,300-24,200,” he said.

Global developments have certainly uplifted sentiments, but we will keep a close watch for the next couple of days, said Osho Krishan, senior analyst, technical and derivatives at Angel One Ltd. "A decisive follow-up move from hereon could provide the necessary momentum for a significant move in the near future. Additionally, there is clear evidence of sectoral rotation, so it is important to adjust our focus accordingly to achieve better performance,” he said.