Indian markets ended lower on November 4th , with the Nifty slipping below 25,600 amid broad-based selling. Weak global cues and profit booking on the weekly expiry session led to the selling pressure. India’s economic fundamentals stayed strong, supported by a robust manufacturing PMI and steady GST collections, indicating healthy growth momentum. At the close, the Sensex fell 519 points (0.62%) to 83,459.15, while the Nifty declined 166 points (0.64%) to 25,597.65. Except for consumer durables and telecom, all sectors ended lower, with IT, auto, FMCG, metal, power, realty, and PSU bank indices down 0.5–1%. The midcap index dropped 0.4%, and the small-cap index slipped 0.8%. Markets will remain closed on November 5th for Guru Nanak Jayanti.

Nifty Outlook

The index formed a bearish candlestick pattern with a lower high and lower low for the fourth session in a row highlighting extended profit booking on the weekly expiry session. Nifty has seen a corrective decline of more than 500 points in the last nine sessions which has helped the index work off the overbought condition in the daily stochastic oscillator.

Bajaj Broking believe the current breather should be used to accumulate quality stocks in a staggered manner from short to medium term prospective. Index after the recent corrective decline is approaching key support area of 25,500–25,300, which is likely to hold as it is the confluence of the recent breakout zone, key retracement of previous up move and 50 days EMA. Formation of higher high and higher low in the daily chart will be the first signal of reversal of the current corrective trend with immediate resistance placed at 25,800 and last two weeks almost identical high around 26,100 levels.

Bank Nifty Outlook

The index formed a small bear candle which remained enclosed inside previous session high-low range highlighting consolidation amid stock specific action. Going ahead, index to extend consolidation of the last two weeks in the range of 57300-58500 thus forming base after the next leg of up move. A decisive move above last two week’s high of 58,577 would confirm a breakout continuation, paving the way for a rally towards 59,000 being the 138.2% Fibonacci projection of the recent correction (57,628–53,561). On the downside, immediate support is seen around 57,300–57,500, aligning with the previous breakout zone, while a stronger support base lies near 56,800–56,500. Overall, the outlook remains positive, the current consolidation should be viewed as buying opportunities within these support areas. PSU Banking stocks to extend the recent outperformance.

Ashika Institutional Equities

Indian equities witnessed a volatile session on Tuesday as traders rolled over positions ahead of the weekly expiry. The Nifty fluctuated within a narrow band of 25,650–26,000, finally settling marginally lower near 25,900, reflecting a cautious undertone amid mixed global cues. Sector-wise, IT, Banking, and FMCG stocks weighed on sentiment, while Metals and Realty provided selective support to the broader market.

On the technical front, the Nifty continues to face stiff resistance near 26,000, while immediate support is placed at 25,600. A decisive move below this level could extend the downside towards 25,350, whereas a breakout above 26,000 may trigger a short-covering rally towards 26,200–26,300 levels.

In the derivatives segment, the Max Pain for the current weekly expiry stands at 25,900, suggesting likely consolidation around this zone. Put writers were active at 25,800 and 25,900 strikes, while Call writing remained significant at 26,000, capping upside momentum in the near term.

Overall, the Nifty is expected to trade range-bound between 25,600–26,000, with volatility likely to persist ahead of global data releases and upcoming domestic earnings announcements.

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Motilal Oswal Financial Services Ltd 

Indian equities ended lower on Tuesday as investors turned cautious amid persistent FII outflows and ahead of weekly expiry. The Nifty settled at 25,598, down 166 points (-0.64%), while the broader markets also declined, with the Nifty Midcap100 and Smallcap100 losing 0.4% and 0.8%, respectively.

Sectorally, the market breadth remained weak, with most indices closing in the red except PSU Banks and Consumer Durables, which managed marginal gains. Nifty Metal (-1.4%) and Nifty IT (-1.06%) were the top losers, as profit booking set in after recent sharp gains. Autos and select private banks also witnessed mild corrections, reflecting a consolidation phase post-rally. On the institutional front, FIIs remained net sellers for the fourth straight session, offloading equities worth ₹1,883.78 crore on Monday. Persistent foreign outflows weighed on sentiment, though domestic institutions provided the required support. The lack of fresh global cues and cautious positioning ahead of the Nifty’s weekly derivatives expiry added to volatility.IT stocks came under pressure as weaker-than-expected U.S. economic data and mixed commentary from Federal Reserve officials tempered expectations of a December rate cut, dampening risk appetite.

On the earnings front, key results scheduled for Wednesday include Sun Pharma, Grasim, Britannia, Aurobindo Pharma, Blue Star, and Delhivery. Meanwhile, discussions on the India–EU Free Trade Agreement (FTA) have entered an advanced stage, with a senior European Union delegation in New Delhi from November 3–7 to finalize key trade and investment frameworks. Near-term market direction will hinge on the ongoing Q2 earnings season and evolving global macro signals. Any positive momentum in U.S.–India trade negotiations could help revive sentiment and lend support to export-linked sectors.

Indian markets will be closed tomorrow on account of Guru Nanak Jayanti.