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The week began on a strong note, with the market displaying renewed strength and signaling the potential for further upside. However, the key resistance levels highlighted earlier remain critical, as they are likely to determine the market's next directional move.
On 3 November 2026, Indian equity markets extended their rally for the fourth consecutive session, supported by strong corporate earnings, renewed foreign investor interest, and easing global macro concerns. The Nifty 50 surged 370.05 points or 1.58% to close at 23,810.85, while the Sensex advanced 1,225.07 points or 1.62% to settle at 76,917.85, marking one of the strongest single-day gains in recent weeks.
SAREGAMA: Buy above ₹565, stop ₹540 target ₹615 (Multiday)
ICICIBANK: Buy above ₹1430, stop ₹1360 target ₹1570 (Multiday)
BERGEPAINT: Buy above ₹482, stop ₹455 target ₹535 (Multiday)
The rally was broad-based, with FMCG, realty, consumption, and financial stocks leading the charge, while broader markets also participated, as the Nifty Midcap 100 and Smallcap 100 gained 1.06% and 0.31%, respectively.
Investor sentiment improved following a sharp decline in crude oil prices, softening US Treasury yields, and sustained optimism around second-quarter earnings. FMCG emerged as the top-performing sector, rising nearly 3%, with stocks such as Nestlé India, Tata Consumer Products, Asian Paints, and Bharti Airtel posting strong gains. However, PSU banks underperformed, while select heavyweight stocks like SBI, ONGC, and Power Grid witnessed profit booking.
For a change Nifty has been moving at a strong pace in the last few days buoyed by some strong showing by Private banks and now are expecting an encore from the Public banks as well. The last few days we have observed a mix sector rotation and has kept the bullish camp engaged. With the most awaited mid term poll beginning in the US we need to see how the trends could sway.
Technically, Nifty reclaimed the crucial 23,800 mark and closed near the day's high, reflecting strong bullish momentum. The immediate support zone is now placed around 23,200–23,500, while the 23,800–23,900 region could act as a near-term resistance band. Overall, the session reinforced the positive undertone in the market, with improving liquidity, supportive earnings, and returning FII participation providing the foundation for continued strength, although investors remain watchful of global policy cues, geopolitical developments, and oil price movements.
From the image above, we observed that there was a sync between the trend and the Options data. Further the Relative Strength Index (RSI) is continuously trading above the 60-mark highlighting the strong bullish sentiment. With continued bullish participation that saw a move of 1000 points in last 10 days has created a scenario for revival. As the surge has is reflecting improving bullish momentum, we can say that the bullish signal is showing a strong signs of continuation.
From a broader perspective, the sharp recovery from October lows and the successful retest of higher levels indicate that market participants are becoming increasingly optimistic. The immediate support zone now shifts to the breakout area of 23,250-23,300, while resistance is seen around 23,600-23,800 levels. Holding above the newly established support band will be critical for sustaining the present momentum.
Overall, the market structure has improved considerably, with price action and momentum indicators aligning in favor of the bulls. Traders are likely to adopt a positive bias going forward, while any corrective dips towards support zones may attract fresh buying interest. The breakout has strengthened the probability of an extension of the ongoing recovery rally in the coming sessions.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.
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