What to expect from Indian stock market in trade on November 3

By Admin

03 Nov, 2025

The Indian stock market is expected to start on a cautious note today, November 3, amid mixed global cues and weak trends indicated by Gift Nifty. The Gift Nifty was trading around the 25,862 level, nearly 43 points lower than the Nifty futures’ previous close, signaling a negative opening for benchmark indices   Sensex and Nifty 50.

Market Overview

On Friday, both key indices ended lower for the second consecutive session. The Sensex slipped 465.75 points (0.55%) to close at 83,938.71, while the Nifty 50 fell 155.75 points (0.60%) to settle at 25,722.10. The weak close reflects profit booking after the recent rally, with investors turning cautious ahead of fresh economic data and global market reactions.

Sensex Prediction

The Sensex has formed a double top-like pattern on daily and intraday charts, with a shooting star formation visible on weekly charts   indicating possible short-term weakness. However, analysts maintain a cautiously positive medium-term view.

According to Amol Athawale, VP Technical Research, Kotak Securities, the 83,900–83,700 zone will act as crucial support, while 85,000–85,300 are key resistance levels.

• Upside potential: A breakout above 85,300 could push the Sensex to 85,800–86,100.
  
  

• Downside risk: A fall below 83,700 could drag it to 83,300–83,100.
  
  

Nifty OI Data

In the derivatives segment, the maximum Call Open Interest (OI) is placed at 25,800 and 25,900–26,000, indicating strong resistance near higher zones. The maximum Put OI stands at 25,700 and 25,600–25,500, highlighting strong support areas.
Hardik Matalia, Derivative Analyst at Choice Broking, notes that the current setup indicates a sideways-to-range-bound movement with a supportive undertone as long as Nifty holds above its key support levels.

Nifty 50 Prediction

The Nifty 50 formed a red doji candle with an upper shadow on Friday, signaling selling pressure after recent highs. While the index gained 4.51% in October, it slipped 0.28% for the week, forming a shooting star pattern on the weekly chart.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, any slide below 25,700 could test support at 25,500, with a possible upside rebound later this week. Resistance is expected around 26,100.

Nilesh Jain, Head – Technical and Derivatives Research at Centrum Broking, mentioned that Nifty’s resistance near 26,000 has created a tweezer top pattern, hinting at short-term consolidation. He emphasized that as long as Nifty 50 holds above 25,500, traders can maintain a buy-on-dips strategy.

Meanwhile, Dr. Praveen Dwarakanath, VP of Hedged.in, noted that Nifty’s rejection at 26,100 and its close below the upper Bollinger band suggest weakness. He added that momentum indicators are moving down from overbought zones, possibly leading to a fall toward 25,600.

Bank Nifty Prediction

The Bank Nifty index declined 254.75 points (0.44%) on Friday to close at 57,776.35, forming a second consecutive bear candle. Despite the pullback, it gained 5.75% in October and 0.13% weekly, indicating underlying strength.

Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities, highlighted that the 57,300–57,200 range will act as crucial support, while resistance lies around 58,250–58,350. A breakout above 58,350 could push the index toward 59,000.

Puneet Singhania, Director at Master Trust Group, added that the Bank Nifty continues to hold above its 21-day and 55-day EMAs, reflecting a bullish structure. Immediate support lies near 57,400, with resistance at 58,200–58,700.

However, Om Mehra, Technical Research Analyst at SAMCO Securities, pointed out signs of fatigue with a negative RSI divergence, signaling reduced momentum. He noted that Bank Nifty has dipped below its 9EMA, indicating short-term weakness. Support is seen near 57,500–57,200, with strong resistance at 58,100–58,200.

Market Sentiment

Overall, analysts expect range-bound trading for the session, with short-term consolidation across indices. While near-term indicators show mild weakness, the broader market structure remains constructive, supporting a buy-on-dips approach as long as key support levels hold firm.

Disclaimer: The views and recommendations expressed above are those of individual analysts or brokerage firms and not of Mint. Investors are advised to consult certified financial experts before making investment decisions.