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Negative Opening Seen For Nifty Today

Trends in the GIFT Nifty index futures for December delivery, which was trading at 26,080 at 7:30 am, indicates a negative opening for Nifty today.

Nifty Technical Outlook

The Nifty opened with a gap-down on Wednesday and briefly slipped below 26,000 level, testing the 25,900 level before recovering to close above it. This marked the index’s fourth consecutive decline, though it finished well off the day’s lows as gains in private banks and IT stocks helped cushion the widespread sectoral selloff. Thirty-seven of the Nifty 50 stocks ended in the red, with Max Healthcare, BEL, and Adani Enterprises among the top losers. IT stocks outperformed, supported by the rupee hitting a fresh record low, with Wipro rising 2%. Meanwhile, PSU banks declined after the government clarified that it has no plans to raise FDI limits. The Nifty dropped 46.20 points closing at 25,986. The Nifty formed a bearish candlestick pattern on the daily chart, but we expect the buying interest to emerge at lower levels. The volatility index IndiaVIX has closed below 12 and we expect the volatility to ease in the short term. The Nifty short-term trend remains bullish and the trend will turn bearish only below 25,900 levels. The 9-day simple moving average is placed at 26,081.1.

Domestic & Global Indices

U.S. stocks turned higher on Wednesday after a directionless start. The Dow outperformed, boosted by a 4.7% jump in UnitedHealth, with Goldman Sachs, McDonald’s and Amgen also advancing. The Nasdaq and S&P 500 saw modest gains. Overall market sentiment improved after ADP reported an unexpected drop in U.S. private-sector employment for November. The Dow index moved up by 408 points to close at 47,882.90 and the S&P 500 index moved up by 20 points to close at 6,849.72.

Derivatives Watch

* Based on Open Interest in Futures, FII’s have decreased their long position by 1107 contracts and have increased their short position by 12503 contracts. FII's are net bearish by 13610 contracts.

* Based on Open Interest in Options, FII's were net bearish by 10205 contracts. In Nifty, the highest PUT OI was seen at 26000 and the highest CALL Open Interest was seen at 26200 strike.

* Based on Open Interest, we are bullish on Biocon, Federal bank, Ashok Leyland, Bluestar, KPIT Technologies, IEX, National Aluminium, IOC, Oberoi Realty and Infosys. We are bearish on Hindustan Unilever, Uno Minda, Prestige, BPCL, Lupin, Angel One, Power India, Shriram Finance, Kfin Technologies and IREDA.

Economy & Stocks to Watch

* India is likely to advance talks for the proposed Free Trade Agreement (FTA) with the Russia-led Eurasian Economic Union (EAEU) during Russian President Vladimir Putin's visit to New Delhi on December 4. Government sources have indicated that India may explore a separate services pact with Russia as the EAEU bloc is a customs union, and trade deals exclude the mandate of services. India's goods exports to Russia in FY 25 were valued at $4.88 billion, while both sides aim for $100 billion bilateral trade by 2030.

* IndiGo parent InterGlobe Aviation are likely to be in focus on Thursday after IndiGo, India’s largest airline, suffered one of its most severe operational breakdowns in recent years, with delays and cancellations reported across the country. An estimated 250 to 300 flights were cancelled over the past two days. IndiGo on Wednesday apologised for the large-scale disruptions, saying it regretted the inconvenience caused to passengers. The airline said the cancellations and delays were triggered by a combination of unexpected operational issues.

* Over a decade after its landmark investment in JSW Steel Ltd., Japan's JFE Steel has renewed its commitment to the group with another major transaction. JSW Steel and JFE will be forming a 50:50 Joint Venture (JV) for Bhushan Power and Steel Ltd. (BPSL)'s integrated steel facility, with JFE investing Rs.15,750 crore into the entity. This was also a confirmation of a CNBC-TV18 newsbreak. JFE had earlier invested around Rs.4,800 crore in JSW Steel for a 15% stake back in 2010. That stake still stands as per the latest shareholding and based on Wednesday's closing price, is valued at over Rs.42,000 crore, making it one of the strongest returns for an overseas strategic partnership.

* Reliance Retail Ventures Ltd, the holding entity of the country’s leading retailer Reliance Retail, has appointed former Flipkart executive Jeyandran Venugopal as its President and CEO. In his new role, Venugopal will work closely with Isha Ambani, Executive Director of RRVL and the Leadership Team of Reliance Retail, under the overall guidance of Mukesh Ambani and Manoj Modi. Venugopal, who has 25 years of global leadership experience across retail, e-commerce, technology, and business transformation, will strengthen the retail portfolio, accelerate omnichannel growth, and drive technical and operational excellence across the value chain at Reliance Retail.

* BEML Ltd has secured a Rs.414 crore order from Bangalore Metro Rail Corporation Ltd (BMRCL) for the supply of additional trainsets for the Namma Metro Phase II project. The fresh order adds to the company's expanding rail and metro portfolio, one of its key business verticals alongside defence and aerospace, and mining and construction. BEML, a ‘Schedule A’ public sector company under the Ministry of Defence, remains majority-owned by the Government of India, which held a 53.86% stake as of June 30, 2025. Despite muted earnings, the company delivered a marginal improvement in operating margin, which edged up to 8.7% from 8.5% last year, reflecting steady cost controls.

* Indian Energy Exchange Ltd (IEX) on Wednesday (December 3) reported monthly electricity traded volume of 11,409 MU in November 2025, excluding TRAS (tertiary reserve ancillary services), an increase of 17.7% on a year-on-year basis. The exchange also recorded trading of 4.74 lakh renewable energy certificates (RECs) during the month. The day-ahead market saw volumes of 5,668 MU in November 2025 compared with 5,651 MU in the same month last year, up 0.3% YoY. The real-time electricity market delivered a stronger performance, with traded volumes rising to 4,233 MU from 3,019 MU in November 2024, a jump of 40.2% YoY.

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