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Below The Pre-market comment on November 3 2023 By Mandar Bhojane, Research Analyst, Choice Broking

The Sensex and Nifty indices are expected to open slightly higher on November 2, as suggested by the GIFT Nifty trends, pointing towards a positive start with an expected gain of 160 points.

Looking at the daily chart, the Nifty50 has formed a DOJI candlestick pattern, reflecting a state of indecision between the bullish and bearish forces. Currently, the index is positioned in the middle of the range, which spans from 19,050 to 19,200, awaiting a decisive breakout in either direction.

The markets kicked off the weekly expiry day on a strong note, starting above 19,000, but these higher levels weren't sustained for long, and most of the gains were retraced. However, in the latter part of the trading session, PSU Banks, Metal stocks, and certain heavyweight stocks took charge, leading to a recovery that culminated in the index closing at 19,133.25, showing a gain of 144.10 points. Mid and Small-cap stocks outperformed the frontline stocks with gains exceeding 1.30%.

In the case of the Bank Nifty, a doji candlestick formed at the bottom, which could indicate a potential reversal signal. Should the price manage to close above the 43,300 level, it may pave the way for further advances to 43,700 and 44,000. Conversely, the 42,400 and 42,250 levels are crucial support levels to watch for on the downside.

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