Daily Morning Report – 04/11/2026

Date 04.11.2026 

Technical Summary Nifty CMP 23810.85

As discussed yesterday market behavior remained on the expected lines during the day, as positive momentum of nifty take the rally upside upto 23810.85

Further on the daily chart, Nifty formed another strong opening bullish gap-up candle, suggesting sustainable buying strength and a continuation of positive sentiment. This signals that Nifty may continue its rally up to the 23890–23970 zone. A sustained breakout above these levels could push the nifty further toward 24050–24128.

Furthermore, while there are no immediate signs of a reversal, Nifty may attract profit booking following this smart rally. A persistence in profit booking could drift the nifty down toward the 23652–23573 zone upon a decisive breakdown below 23731. If selling pressure intensifies further, Nifty risks testing the 23493 level.

Bank nifty:

• Closed at 55,540 Up +537.85 points (+0.98%).
• Immediate Support: 55350-55,250.
• Major Support: 55,000-54,900
• Immediate Resistance: 55,700–55,850,
• Major Resistance: 56,200-56,300
• A sustained move above 56,200 may strengthen bullish momentum, while a break below 55,000 could invite profit booking.

Open Interest Analysis:

Nifty 50 – Weekly expiry: 9 November 2026: The 3 November closing option-chain shows a PCR of approximately 1.14, with max pain near 23,600. The highest call OI is at 24,000, while the highest put OI is at 23,000. This positioning indicates a positive bias, with 23,000–23,600 acting as an important support area and 24,000 as a key resistance.

Bank Nifty – Monthly expiry: 23 November 2026: The latest option-chain shows PCR around 0.97, with max pain near 55,600. The highest call OI is concentrated at 58,000, while the strongest put OI below the spot is around 55,000. This suggests a broadly balanced positioning structure, with a slight call-side bias. The 55,000–55,600 zone is important for near-term price action, while 58,000 remains a larger expiry-level resistance reference.

3.  Pivot Levels: 

Classic pivot levels calculated from 03 November 2026 OHLC data.

4.  FII / DII Activity:

• FII: a net Buying of ₹6,837
• DII: a net Selling of ₹3,679
• FIIs continued their buying trend for the third consecutive session, supporting the market rally. However, FII index-futures positioning remained net short, so cash-market buying should not be interpreted as an entirely bullish derivatives position.

5.  International Cues:

• US Market: The S&P 500 gained 36%, Nasdaq advanced 0.83%, while the Dow Jones declined 0.38% on Tuesday.
• Crude oil: Brent crude settled near $103.60 per barrel, down 1.12%, easing some pressure on India’s import
• US bond yields and dollar: Rising bond yields and a stronger dollar remain potential concerns for emerging-market flows

Overall View:

Indian markets extended their rally on Tuesday, with Nifty gaining 1.58% and Bank Nifty advancing 0.98%. Continued FII buying and easing crude oil prices supported sentiment.