Market Overview

After a brief pullback in the previous session, Indian equities are expected to begin November 4, 2025, on a mixed note. The markets are currently navigating through a consolidation phase, characterized by volatility and profit booking at higher levels.

While Nifty 50 and Bank Nifty managed to hold above their crucial support zones, sentiment remains slightly cautious due to soft global cues and limited follow-through buying.

In this analysis, Dhwani Patel, SEBI Registered Research Analyst, breaks down the key levels, momentum indicators, and derivatives data to provide a clear view of the market landscape for the day.

Setup 1 — Nifty 50: Key Resistance & Support Levels

Nifty Close: 25,763

• Resistance (Pivot Points): 25,798 / 25,835 / 25,895
• Support (Pivot Points): 25,677 / 25,640 / 25,580

Market View:
The Nifty 50 formed a bullish candle with both upper and lower shadows on the daily charts, indicating intraday volatility but a positive bias. However, the index continued to follow a lower high–lower low pattern for the third straight session since hitting the 26,100 mark.

It now trades below its 10-day EMA, yet comfortably above the 20- and 50-day EMAs, showing that the medium-term trend remains stable. The index is also hovering around the midline of its Bollinger Bands, implying consolidation rather than a trend reversal.

Momentum indicators present a mixed picture. The RSI, at 58.99, has maintained a bearish crossover, hinting at fading strength, while the MACD is on the verge of turning negative as its histogram flattens near the zero line.

Interpretation:

• Resistance Zone: 25,835–25,895
• Support Zone: 25,640–25,580
• Bias: Neutral to mildly bearish
• Outlook: Consolidation with a possible bounce from lower levels

Dhwani Patel notes that traders following nifty futures trading guides should maintain a sideways to cautious stance, focusing on short-term opportunities rather than directional bets.

Setup 2 — Bank Nifty: Key Resistance & Support Levels

Bank Nifty Close: 58,101

• Resistance (Pivot Points): 58,225 / 58,350 / 58,552
• Support (Pivot Points): 57,820 / 57,695 / 57,493
• Resistance (Fibonacci Retracement): 58,739 / 60,148
• Support (Fibonacci Retracement): 57,394 / 56,662

Market View:
The Bank Nifty displayed resilience by forming a bullish candle that remained within the previous day’s range, supported by above-average volumes. This pattern suggests buyers are still active near lower levels, keeping the undertone positive.

The index continues to hold above all key moving averages, reaffirming its longer-term strength. However, short-term indicators are flashing caution — the RSI (65.60) has turned slightly upward but remains in a negative crossover, while the MACD has now entered a bearish crossover zone, with its histogram dipping below zero.

Interpretation:

• Resistance Zone: 58,350–58,552
• Support Zone: 57,695–57,493
• Bias: Mildly bullish, but short-term caution persists
• Outlook: Consolidation likely before a directional breakout

Dhwani Patel emphasizes that traders using index futures trading strategies in India should stay selective and manage positions tightly.

Setup 3 — Nifty Options Data

• Maximum Call OI: 26,000 strike (1.38 crore contracts) → Key Resistance
• Next Resistances: 26,200 (1.09 crore), 25,900 (1.01 crore)
• Fresh Call Writing: 26,000 (+29.4L), 26,200 (+22.1L), 26,100 (+19.7L)

On the Put side,

• Maximum Put OI: 25,600 strike (1.18 crore contracts) → Key Support
• Next Supports: 25,500 (0.98 crore), 25,700 (0.84 crore)
• Fresh Put Writing: 25,600 (+24.6L), 25,500 (+20.3L)

Interpretation:
Nifty options data indicate a tight range between 25,600–26,000, implying consolidation with limited directional bias.

Setup 4 — Bank Nifty Options Data

• Maximum Call OI: 58,500 strike (13.41L contracts) → Resistance
• Next Resistances: 59,000 (11.7L), 58,800 (10.5L)
• Fresh Call Writing: 58,000 (+2.91L), 58,500 (+2.31L)

On the Put side,

• Maximum Put OI: 57,500 strike (10.91L contracts) → Support
• Next Supports: 57,000 (8.92L), 56,500 (7.14L)
• Fresh Put Writing: 57,500 (+3.18L), 57,000 (+2.25L)

Interpretation:
The 58,000–58,500 zone remains critical for the Bank Nifty. Sustaining above 58,200 could revive momentum, while failure to hold above 57,800 may trigger another round of selling.

Setup 5 — Sectoral Trends

• Banks & Financials: Stable with selective buying in large caps.
• IT Stocks: Continue to show strength amid global tech optimism.
• FMCG & Pharma: Witnessing rotational buying; defensive tone persists.
• Metals & Auto: Facing mild pressure due to global cues.

Dhwani Patel suggests that equity swing trading strategies in India should focus on defensive sectors or stocks showing relative strength.

Setup 6 — India VIX

India VIX: 12.04 (down 0.9%)

Volatility cooled slightly after two days of rise, indicating a mild return of trader confidence. The fear gauge remains well below the 13–14 zone, suggesting the market is not expecting extreme turbulence.

Setup 7 — Intraday Outlook

Index	Bullish Above	Bearish Below	Range
Nifty 50	25,835	25,640	25,700–25,850
Bank Nifty	58,225	57,695	57,800–58,200

Strategy by DHWANI PATEL:

• Avoid chasing rallies; trade light with strict stop-losses.
• Use minor dips for short-term opportunities in high-beta stocks.
• Stay cautious until Nifty reclaims 25,835 and Bank Nifty holds 58,100 sustainably.

Setup 8 — DHWANI PATEL’s Market Insight

“Markets are like pendulums — they swing between optimism and caution. True traders read the rhythm, not the noise.” — Dhwani Patel

The Trade Setup for 4 November 2025 reflects a neutral-to-cautious stance, as the market digests recent gains. While the broader trend remains positive, momentum indicators call for short-term prudence.

A decisive move above key resistance levels could revive bullish momentum, while failure to hold near supports might extend the consolidation phase.

Key Takeaways

• Nifty Range: 25,580–25,895
• Bank Nifty Range: 57,500–58,500
• Bias: Neutral with mild bullish undertone
• Strategy: Focus on stock-specific trades; keep positions light

SEBI-Compliant Disclaimer

Disclosure & Disclaimer: Dhwani Patel (SEBI Registration No. INH200008608) is a SEBI registered research analyst. This report is intended for informational purposes only and should not be construed as investment advice. All trading and investment decisions involve risk.