Indian equity markets extended their rally for a third session on November 3, 2026, with the Nifty 50 closing at 23,440.80, up 1.68 percent, as heavyweight Reliance Industries surged nearly 12 percent following strong fiscal second-quarter earnings. The index formed a long bullish candle on the daily timeframe following a gap-up opening, moving decisively above its 50-day EMA and reinforcing the improving trend structure. Momentum indicators pointed to strengthening bullish momentum, with the RSI climbing to 61.03 on a bullish crossover and the MACD green histogram bar expanding for the third consecutive session.
However, the upside was tempered by mixed global cues. GIFT Nifty traded around 23,519 in early morning trade, up over 100 points, signaling a strong start for the domestic benchmarks. Asian markets showed weakness due to persistent selling in US technology stocks, while geopolitical tensions escalated after reports of a United States strike on Iran's Qeshm Island, pushing Brent crude above $105 a barrel. Foreign institutional investors were net buyers of equities worth Rs 3,114 crore for a second consecutive session, while domestic institutional investors sold shares worth Rs 392 crore, extending their selling streak to two sessions.
On the technical front, key resistance for Nifty 50 was placed around 23,500, with further upside potential towards 23,600 and the 23,800-23,900 zone. Immediate support was seen at 22,300-22,200. The Nifty Put-Call ratio fell to 1.4 from 1.42 in the previous session, indicating firming bullish sentiment. The India VIX rose 1.29 percent to 15.50, reflecting some caution among market participants. Bank Nifty also advanced, forming a bullish candle with a lower shadow and closing marginally above its 20-day EMA and 50 percent Fibonacci retracement level of the correction from 56,065 to 53,626. Market experts noted that a decisive move above 23,500 could pave the way for further upside, while the 22,300-22,200 range was expected to act as crucial immediate support.
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