Nifty 50 Outlook for 4 November 2026
NIFTY 50 recorded another day of rally with a breakaway gap. These gaps have a tendency not to get filled easily. With the break of multiple resistance levels in the last trading session as well, the index is poised for the continuation of this uptrend. The higher high and higher low formation remained intact. The price broke above the 100-day EMA as well and is now conquering the 200-day EMA. We saw broader participation from the investors in the last trading session, which is a sign of bullish continuation. As the previous fall was impulsive in nature and the current rise is taking the shape of an impulsive structure, this pattern generally results in serious bullish implications. And, as per that, we are still ahead of good times for investors.
As far as the derivatives positioning is concerned, a long buildup was witnessed with caution; however, some short buildup was also seen with less conviction. With this kind of positioning, traders are anticipating limited downside for the index.
Key Resistances: 23810 and 23970
Key Supports: 23630 and 23480
Strategy: Buy Nifty (Spot level) on dips around 23580 with a stop-loss of 23480, targeting 23730.
ADITYA THUKRAL, PROPRIETOR, AT RESEARCH AND RISK MANAGERS
SEBI Registered Research Analyst INH000013794