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Below the Quote on Pre-market comment for Monday November 2 by Sachin Gupta, VP-Technical Research at Choice Broking

Indian equities are likely to open on a strong positive note on 2nd November 2026, with Gift Nifty up 189 points at 23,275, indicating an encouraging start to the new trading week. However, global sentiment remains mixed, as Asian markets are under pressure amid concerns over heavy AI-related investments and technology valuations. Investors will also monitor US-Iran developments, crude oil movements, domestic corporate earnings and key global economic data scheduled this week.

In the previous session on 30th October 2026, Nifty closed at 23,053.10, up 116.35 points (+0.51%), recovering from an early dip to 22,905.10 and forming a bullish daily candle. The hourly trendline continued to provide support, while IT, Pharma and Healthcare outperformed; Media, Auto, Realty, FMCG and Consumer Durables remained under pressure. However, the index is yet to reclaim its 50-day EMA near 23,160.

RSI improved to 53.50, above its average of 45.97, while PCR at 1.24 indicated a positive derivatives setup. India VIX edged higher to 15.30, suggesting some increase in volatility. Immediate support is placed at 22,900–23,000, while resistance is seen at 23,200–23,250. A sustained move above the 50-day EMA would further strengthen the recovery.

In the previous session on 30th October 2026, Bank Nifty closed at 54,686.95, down 222.70 points (-0.41%), forming a bearish candle as early gains faded near 55,068.50. The index remains below its 20-day and 50-day EMAs, indicating continued weakness. RSI stood at 44.97, marginally above its average of 44.23. Immediate support is placed at 54,500–54,700, while resistance is seen at 55,300–55,500.

On 30th October 2026, FIIs remained net buyers, recording equity purchases worth Rs 3,598 crore, indicating strong foreign institutional support. In contrast, DIIs turned net sellers, offloading equities worth Rs 817 crore and snapping their two-day buying streak.

Overall, the positive Gift Nifty indication points to a firm start, but mixed global sentiment may keep volatility elevated. With FIIs showing strong buying interest in the previous session, domestic flows offer some support. However, Nifty’s ability to sustain gains above immediate resistance levels will be crucial in determining whether the recovery develops into a stronger upward move.

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