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Below the Market Commentary (closing) for 04 November 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking 

Market Closing Commentary

Benchmark indices extended their winning streak to a fifth consecutive session on November 4, supported by a sustained decline in crude oil prices, renewed foreign fund inflows and strong domestic earnings. However, weak global cues and uncertainty surrounding the US midterm election outcome continued to remain key overhangs for investor sentiment.

The Nifty 50 gained 0.63% to close at 23,960, while the Sensex advanced 0.50% to 77,301.

On the sectoral front, Media, Realty, Metal, Energy and FMCG were the key gainers, while IT emerged as the major laggard.

The broader market also maintained its positive momentum, with the Nifty Midcap 100 and Nifty Small cap 100 both gaining 0.63%.

Nifty Outlook

Index formed a bullish candle for the fifth session in a row which maintained a higher high and a higher low signaling continuation of the positive momentum. Index in the process on expected lines on Wednesday session tested the 200 days EMA.

Nifty has seen a strong up move of more than 1550 points in the last 8 sessions. Hence, some consolidation can not be ruled out at higher levels, stock specific action will continue to remain in focus.

Index has immediate resistance at 24,000-24,050 levels being the confluence of the 52 weeks EMA and the trendline resistance joining the previous major high of February and August 2026. A sustained move above the same will open fresh leg of up move towards 24,400 levels in the coming sessions. While failure to move above 24,050 will signal some consolidation in the range of 23,400-24,050.

The short-term support in Nifty is revised higher towards 23,200-23,400 levels being the confluence of the 50 days EMA and the current week breakout area, holding above the same will keep the overall bias positive and dips should be used as a buying opportunity.

Bank Nifty Outlook

Bank Nifty formed a bullish candle with a higher high and a higher low signaling positive bias. Index started the session on a strong note and gained momentum as the session progressed and closed above the 55,913 levels.

The index in the process closed above the 50 days EMA and the trendline resistance joining last 2 months highs highlighting strength and continuation of the positive momentum.

 Going ahead, index sustaining above 56,100 will signal extension of the current pullback towards 56,600 and 57,000 levels in the coming sessions. Failure to do so will lead to consolidation in the range of 55,000-56,100.

Short term support is revised higher towards 54,500-55,000 levels being the confluence of the current week low and key retracements of the recent up move 53,626 to 55,946.

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