Daily Morning Report – 02/11/2026

Date 02.11.2026

Technical Summary Nifty CMP 23053.10

As discussed yesterday market behavior remained on the expected lines during the day, as positive momentum of nifty take the rally upside up to 23118.1

Further, a reasonable bullish candle appeared on the daily chart of Nifty, suggesting a continuation of the prevailing positive momentum. Hence, if Nifty maintains its upward trajectory, a decisive breakout above 23127 could propel the index further toward targets of 23203 and 23276. Should buying demand intensify further, the index stands a strong chance of testing the 23350 structural resistance zone.

Furthermore this bullish candle appeared near a previous swing resistance zone, which could attract immediate selling pressure. Consequently, if selling pressure persists and forces a decisive break down below 22978, Nifty may drift downward toward 22905 and 22830. Should selling supply intensify further, the index faces a high probability of testing the lower cushion at 22755.

Bank nifty:

• Closed at 54,686.95 Down -222.70 points (-41%).
• Immediate Support: 54,550-54,420.
• Major Support: 54,300-53,900
• Immediate Resistance: 54,820–54,950
• Major Resistance: 55083-55,300
• A sustained move above 55,300 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 Friday option-chain data indicates a PCR of approximately 1.62, with max pain at 23,000. The highest call OI is at 23,500, while the highest put OI is at 22,500. Strong put additions around 22,800–23,000 indicate supportive positioning, while fresh call writing around 23,100–23,200 may create immediate resistance. Overall, the OI structure indicates a positive bias, with 23,000 acting as an important support reference.

Bank Nifty – Expiry: 23 November 2026: The latest available option-chain snapshot shows PCR around 0.92, max pain near 55,000, highest call OI at 57,000 and highest put OI at 55,000. The PCR indicates relatively balanced but slightly call-heavy positioning. The 55,000 level is important for the near-term outlook; a sustained move above it may improve sentiment, while weakness below 54,500 could increase downside pressure.

3.  Pivot Levels:

Classic pivot levels calculated from 30 October 2026 OHLC data.

4.  FII / DII Activity:

• FII: a net Buying of ₹3,598.54
• DII: a net Selling of ₹817.51
• FII buying provided support to the market on Friday, although DII selling partially offset the inflows. Continued foreign buying will be an important factor for sustaining the recovery.

5.  International Cues:

• US Market: US equities ended Friday sharply lower, with technology shares under pressure amid concerns over high AI-related investment and valuations.
• Crude oil: Brent crude is around $111.56 per barrel, down approximately 65%, but remains elevated.
• Gold: Gold remains under pressure amid global volatility and liquidity-related
• Global triggers: US manufacturing and employment data, major technology-company earnings and geopolitical developments will influence market direction this week.

Overall View:

Nifty ended Friday on a positive note, supported by FII buying, while Bank Nifty remained under pressure. Global markets are weak, but positive GIFT Nifty indications suggest a potentially firm opening for domestic equities

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