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Below the Quote on Pre-market comment for Tuesday November 3 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian markets are likely to begin 3rd November 2026 on a positive note, with Gift Nifty trading at 23,519, up 117 points, indicating a firm opening. However, mixed global sentiment, continued concerns around technology-sector valuations and uncertainty over geopolitical developments may keep investors cautious. Market participants will also track crude oil movements, domestic corporate earnings and key global economic announcements for further direction.

In the previous session on 2nd November 2026, Nifty closed sharply higher at 23,440.80, gaining 387.70 points (+1.68%), after a strong gap-up opening and sustained buying interest. Despite some mid-session profit booking, the index recovered strongly to finish at the day’s high. Reliance Industries surged 11.60%, providing significant support to the benchmark. The index also formed a strong bullish, Marubozu-like candle.

Nifty reclaimed its 50-day EMA near 23,170, while RSI improved to 61.03, above its average of 47.90, indicating strengthening momentum. PCR at 1.28 also reflects a positive derivatives setup, although India VIX rose 1.29% to 15.50. Immediate support is placed at 23,200–23,300, while resistance is seen at 23,600–23,700.

In the previous session on 2nd November 2026, Bank Nifty closed at 55,002.20, up 315.25 points (+0.58%), recovering from an intraday low of 54,582 and managing to close above the 55,000 mark. PSU banks outperformed, while private banks remained subdued. RSI improved to 48.46, above its average of 44.67; however, the index continues to trade below its 50-day and 200-day EMAs. Immediate support is placed at 54,500–54,700, while resistance is seen at 55,300–55,500.

On 2nd November 2026, FIIs continued their buying momentum for the second consecutive session, recording net equity purchases of Rs 3,114 crore. Meanwhile, DIIs remained net sellers for the second straight session, with outflows of Rs 392 crore, indicating continued divergence in institutional activity.

The broader market setup remains constructive, with Nifty’s strong momentum and continued FII buying providing support to sentiment. Gift Nifty also indicates a positive start, although mixed global cues may limit immediate upside. Bank Nifty’s recovery above 55,000 is encouraging, but its moving-average hurdles remain a key factor to watch before confirming broader banking strength.

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