IGI Logo

Below the Pre-Market Commentary on Nifty & Bank Nifty for 03rd November 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Pre- Market Commentary

Nifty

CMP: 23,440.8 

Index formed a strong bullish candle with a higher high and a higher low and a bullish gap below its base at 23,118-23,207 signaling extension of the up move for the 3rd session in a row. Nifty started the session on a positive note and gained momentum as the session progressed to close the session near the high at 23,440 levels. 

Index in the process closed above the 50 days EMA and the last month high (23,175) signaling pause in the last 2 months corrective decline. Strong up move of 1000 points in just 6 sessions highlights strength.

Index holding above the Monday’s gap area of 23,118-23,207 will signal extension of the current up move towards 23,700-23,800 levels in the coming sessions being the 61.8% retracement of the previous entire decline from 24,774-22,180. 

The short-term support in Nifty is revised higher towards 22,800-23,000 levels being the confluence of the recent breakout area and the key retracement of the current up move from 22,372- 23,440.

Intraday Levels for Nifty

Resistance: 23,550 and 23,670

Support: 23,300 and 23,170

Bank Nifty CMP: 55,002.20

Bank Nifty formed a small bullish candle which remained enclosed inside previous session price range signaling consolidation with positive bias. Nifty started the session on a positive note. It faced resistance around 55,000 levels and gave up its gains in the midsession. However, buying demand at lower levels saw the index rebounded from near previous session low and closed near the day’s high around 55,000 levels.

Going ahead, index moving above 55,100 will signal extension of the pullback towards 55,600 and 56,000 levels in the coming sessions. Failure to do so will lead to consolidation in the range of 54,000-55,100.

Weakness below 54,000 will signal extension of decline towards key short-term support at 53,200-53,000 being the confluence of the trendline support joining previous major lows and key retracement of the previous major up move.

Bank Nifty Intraday Levels

Resistance: 55,330 and 55,600

Support: 54,740 and 54,500

Above views are of the author and not of the website kindly read disclaimer