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Below the Quote on Pre Market Comment  November 4th 2026 by Deepesh Sarawagi Technical Research Analyst at Choice Broking

Indian markets are likely to witness a muted opening on 4th November 2026, with Gift Nifty at 23,709, down 50 points. Global cues remain mixed, as Asian markets faced pressure from technology stocks amid concerns over AI spending, while Wall Street ended unevenly.

In the previous session on 3rd November 2026, Nifty closed strongly at 23,810.85, gaining 370.05 points (+1.58%), extending its positive run to four consecutive sessions. After a gap-up opening and an initial dip, sustained buying lifted the index to its intraday high, where it settled. FMCG, Realty, Auto and Private Banks led the gains, while PSU Banks and Metals remained under pressure.

The index continues to trade comfortably above its 50-day EMA near 23,196, with RSI rising to 66.59, indicating strong bullish momentum, though some profit booking cannot be ruled out. PCR improved to 1.30, while India VIX edged higher to 15.67. Immediate support is placed at 23,500–23,600, while resistance is seen at 24,000–24,200, with the 200-day EMA near 23,904 acting as an intermediate hurdle.

In the previous session on 3rd November 2026, Bank Nifty closed at 55,540.05, up 537.85 points (+0.98%), following a gap-up opening and strong buying at lower levels. However, the index witnessed profit booking near its 50-day EMA, forming a bullish candle with an upper shadow. RSI improved to 53.84, above its average of 45.07, indicating strengthening momentum. Immediate support is placed at 55,000–55,300, while resistance is seen at 55,800–56,000.

On 3rd November 2026, FIIs strengthened their buying activity for the third consecutive session, recording net equity purchases of Rs 6,836 crore. In contrast, DIIs extended their selling streak to three consecutive sessions, with net outflows of Rs 3,678 crore, highlighting continued divergence in institutional flows.

The market structure remains positive but slightly stretched after the recent sharp advance. Strong FII inflows continue to support sentiment, although Bank Nifty’s inability to clear its moving-average hurdles and the possibility of profit booking in Nifty warrant some caution. Traders may look for fresh buying confirmation before expecting another sustained upward leg.

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