Tuesday | 03 November 2026 | NSE & BSE | Morning Market Outlook
Yesterday's Recap: A Strong Recovery
Indian equity markets rallied on Monday, with NIFTY gaining 387.70 points (1.68%) to close at 23,440.80. Reliance Industries surged 11.60%, contributing approximately 198 points, or 51% of NIFTY's advance. Our post-market analysis highlighted the breakout above 23,118 and improving market breadth - if you have missed it, you can get it here. Continued market breadth and BANK NIFTY's participation are a must for the upside to sustain. Indian Stock Market Pre-Market Analysis 03 Nov 2026
Pre-Market Outlook: Positive Opening Indicated
GIFT NIFTY is presently trading around 23,534, indicating a possible gap-up opening of approximately 93 points (0.40%) over Monday's NIFTY close. I would however also look for indications of the price nearer to market open as well. However, the overnight global cues remain mixed. While crude oil corrected sharply on Monday, US technology stocks continue to be under pressure, with NASDAQ declining more than 1% again.
Global Market Snapshot
| Indicator | Latest Value | Change |
|---|---|---|
| GIFT NIFTY | 23,534 | Positive indication |
| S&P 500 | 7,541.40 | -0.51% |
| NASDAQ Composite | 25,164.32 | -1.07% |
| Dow Jones | 51,983.98 | +0.41% |
| Brent Crude | $105.25 | +0.46% |
| WTI Crude | $96.93 | +0.49% |
| USD/INR | ₹94.90 | Rupee +0.05% |
US indices reflect 02 November closing values. Crude prices reflect the reported 03 November 06:34 IST observation. GIFT NIFTY is approximate and indicative.
Precious Metals: Gold and Silver Recover
Precious Metals: Gold and Silver Recover
International precious metals recovered on Monday following the recent sharp correction.
| Commodity | International Spot Price | Change |
|---|---|---|
| Gold (USD/oz) | $3,956.00 | +2.11% |
| Silver (USD/oz) | $50.60 | +3.25% |
| Platinum (USD/oz) | $1,446.00 | +1.19% |
| Palladium (USD/oz) | $954.00 | -0.73% |
Source: Kitco international spot prices, 02 November 2026, approximately 12:54–12:55 EST. Prices in USD per troy ounce.
The recovery in precious metals indicates renewed buying interest following the recent correction. However, volatility remains elevated, and we will continue to monitor the prices to look for sustainability of these moves.
Crude Oil: Relief, But Risks Remain
Brent crude settled at $104.77 on Monday however the latest prices have recovered ever so slightly and stands at around $ 108.7 levels; it has broken down from technical support levels.
For India, sustained lower crude prices would be very positive for inflation, the current account and corporate margins. However, geopolitical developments continue to influence prices.
NIFTY 50: Important Levels and Upside Targets
Following Monday's decisive breakout above 23,118, the next important levels from our previous analysis remain:
| Level | NIFTY Target |
|---|---|
| First Upside Target | 23,800 |
| Second Upside Target | 23,934 |
| Broader Bullish Target | 24,100 |
| Potential Wave 1 Objective | Around 24,000 |
The 23,800 level is the first important upside objective. A sustained move beyond 23,934 could strengthen the possibility of an extension towards 24,100.
Our broader Elliott Wave assessment - in case this turns out potentially as Wave 1, objective around 24,100 levels as well. However any and all trades must be entered with strict stop-losses and an ability to hold the profits until the individual investors' targets are met; as always, our money management will be what wins out.
What to Watch Today - Indian Stock Market Pre-Market Analysis 03 Nov 2026
- NIFTY 50: Whether the index sustains its momentum following the breakout above 23,118.
- BANK NIFTY: Whether banking stocks participate in the broader recovery.
- Reliance Industries: Follow-through buying after its significant earnings-led rally.
- IT stocks: Possible pressure following NASDAQ's decline.
- Gold and Silver: Whether the recent recovery gains further traction.
- Crude Oil: Geopolitical developments and the sustainability of the recent correction.
- FII activity: Whether foreign institutional buying continues.
Our Market View
The Indian market enters Tuesday with a positive opening indication, supported by Monday's strong recovery and improving institutional participation. However, the sharp contribution from Reliance Industries, weakness in US technology stocks and continuing geopolitical uncertainty warrant some caution.
The immediate focus remains on the 23,800 upside objective, followed by 23,934 and 24,100. Sustained buying participation and strength across banking and heavyweight stocks will be important for the next leg of the rally.
Research Analyst Details
S. Harish Chandan
SEBI Registered Research Analyst
SEBI Registration No.: INH000012768
BSE Enlistment No.: 5826
Website: https://raharishchandan.com
Contact: +91 88944 66882
Disclaimer
This market commentary is prepared for informational and analytical purposes only. It is not an offer, solicitation or recommendation to buy, sell or hold any securities or financial instruments.
The views and observations expressed are based on publicly available information and market data considered at the time of preparation. Market conditions can change, and past performance is not indicative of future results.
Investors should conduct their own due diligence and consult their financial advisers before making investment decisions. Derivatives and leveraged trading involve substantial risk and may not be suitable for all investors.
Please refer to the applicable research disclosures and terms published on our website.
Reference Websites for further data:
NSE India – Live Equity Market: https://www.nseindia.com/market-data/live-equity-market
NSE India – Historical Index Data: https://www.nseindia.com/reports-indices-historical-index-data
NSE India – Participant-wise Open Interest: https://www.nseindia.com/all-reports-derivatives
NSE India – Option Chain: https://www.nseindia.com/option-chain
NSE Indices – NIFTY 50 Factsheet: https://www.niftyindices.com/Factsheet/ind_nifty50.pdf
NSE India – Corporate Filings and Financial Results: https://www.nseindia.com/companies-listing/corporate-filings-financial-results
Reliance Industries – Investor Relations: https://www.ril.com/investors
BSE India – Corporate Announcements: https://www.bseindia.com/corporates/ann.html
SEBI – Official Website: https://www.sebi.gov.in/
NSDL – FPI Investment Statistics: https://www.fpi.nsdl.co.in/web/Reports/Latest.aspx
CDSL – FPI Statistics: https://www.cdslindia.com/Publications/ForeignPortInvestor.html
PPAC (Petroleum Planning & Analysis Cell), Ministry of Petroleum & Natural Gas: https://ppac.gov.in/
Ministry of Commerce & Industry – Trade and Economic Data: https://commerce.gov.in/
RBI – Database on Indian Economy: https://data.rbi.org.in/
