Daily Morning Report – 03/11/2026

Date 03.11.2026

Technical Summary Nifty CMP 23440.80

As discussed yesterday market behavior remained on the expected lines during the day, as positive momentum of nifty take the rally upside upto 23440.8

Further on the daily chart, Nifty formed a strong opening bullish gap-up candle, decisively surpassing the previous swing resistance. This price action signals robust buying strength and a continuation of positive momentum. Moving forward, if Nifty maintains this positive sentiment and clears 23515, it is likely to rally toward 23595–23673.Furthermore, if demand accentuates and buying pressure intensifies, the nifty has a high probability of testing 23750.

Conversely, any downside correction will find immediate support within the 23363–23286 band. A decisive break below this cushion, followed by sustained trading at lower levels, could drift the nifty down to test the 23208–23131 range.

Bank nifty

• Closed at 55,002.20 Up +315.25 points (+0.58%).
• Immediate Support: 54,870-54,800.
• Major Support: 54,300-53,900
• Immediate Resistance: 55,150–54,200
• Major Resistance: 55450-55,500
• A sustained move above 55,500 may strengthen bullish momentum, while a break below 53,900 could weaken the recovery.

Open Interest Analysis:

Nifty 50 – Weekly expiry: 3 November 2026: The latest option-chain data shows PCR around 1.40–1.66, depending on the data provider and strike coverage. Maximum put OI is concentrated at 23,000, while maximum call OI is at 23,500. Strong put writing at 23,200 and 23,300, along with call unwinding around 23,000–23,200, indicates a bullish positioning bias. The immediate support zone is 23,200–23,000, while 23,500–23,600 may act as resistance.

Bank Nifty – Monthly expiry: 23 November 2026: The option chain shows notable call OI at 55,000, followed by 56,000 and 55,500. On the put side, 55,000 has the highest OI, followed by 54,000 and 54,500. Fresh call and put writing around 55,000 indicates that this is an important positioning zone. The index may consolidate around this level, while a decisive move above 55,200 could improve the bullish outlook.

3.  Pivot Levels

Classic pivot levels calculated from 02 Novmeber 2026 OHLC data.

4.  FII / DII Activity:

• FII: a net Buying of ₹3,114.68
• DII: a net Selling of ₹392.20
• FII buying provided strong support to the market on Monday, while DII selling remained relatively limited. Continued foreign institutional buying could support the positive market momentum.

5.  International Cues:

• US Market: US equities ended mixed overnight, with technology stocks facing selling
• Crude oil: Brent crude fell sharply by approximately 4% on Monday and was trading around $104.51 per barrel, easing concerns over India’s import bill.
• Gold and silver: Both precious metals recovered as easing oil prices reduced inflation
• US–Iran developments: Hopes of diplomatic discussions and de-escalation in the Middle East supported the decline in crude oil prices.

Overall View:

Indian markets witnessed a strong rally on Monday, with Nifty gaining 1.68% and Bank Nifty advancing 0.58%. Strong FII buying, easing crude oil prices and positive domestic momentum supported the recovery.

By ASHOK BHANARI | SEBI REGISTERED REASERCH ANALYST | REG. INH000019594