Summary:
The Nifty 50 gained 370.05 points to close at 23,810.85 on November 3, crossing its 61.8% Fibonacci retracement level. Traders will monitor 23,783.05 support, 24,000 and 24,216.40 resistance, while elevated short-term RSI readings indicate possible consolidation.
What is the Nifty prediction today?
The Nifty 50 continued its upward movement on Tuesday, November 3, gaining 370.05 points or 1.58% to settle at 23,810.85. The index started the session at 23,582.25, slipped to an intraday low of 23,482.80 and subsequently climbed to a high of 23,810.85. Buying momentum strengthened as the session progressed, helping the benchmark clear important technical levels and extend its recent recovery.
| Nifty indicator | Level |
| Previous close | 23,810.85 |
| Previous session gain | 370.05 points |
| Previous session change | 1.58% |
| Opening level | 23,582.25 |
| Intraday high | 23,810.85 |
| Intraday low | 23,482.80 |
| 61.8% Fibonacci retracement | 23,783.05 |
| 78.6% Fibonacci retracement | 24,216.40 |
| Higher swing high | 24,769.30 |
| Daily EMA levels | 23,125.42 / 22,898.99 |
| Daily RSI | 66.59 |
| Hourly RSI | 83.53 |
| 15-minute RSI | 75.41 |
| Immediate support | 23,478.45 |
| Secondary support | 23,183.10 |
Alongside the broader market trend and Nifty's key technical levels, investors will also track company-specific developments during Wednesday's trading session. Quarterly earnings, corporate announcements and business updates could influence individual stocks. Read our stocks to watch on November 4 report for the latest updates on companies in focus, including their earnings and key corporate developments.
Nifty Market Breadth: 38 Constituents Close Higher as Buying Broadens
The rally was supported by healthy market breadth, as 38 Nifty 50 constituents ended higher, while 12 closed in negative territory. Nifty FMCG, Nifty Realty and Nifty Consumption were among the sectors that supported the gains. The participation of multiple sectors suggests that the recovery was not limited to a few heavyweight stocks, reflecting improved buying interest across the market.
Nifty Technical Analysis: Breakout Above 61.8% Fibonacci Level
The daily chart shows a notable improvement in the Nifty's technical position. The index is now trading above its short-term exponential moving averages (EMAs) of 23,125.42 and 22,898.99, indicating that buyers have regained control of the near-term trend.
More importantly, the benchmark has moved above the 61.8% Fibonacci retracement level of 23,783.05, calculated from the October low of 22,187.55. Holding above this level will be important for sustaining the recovery.
On the upside, the 78.6% Fibonacci retracement at 24,216.40 is the next significant resistance, while the earlier swing high of 24,769.30 remains a higher target if the rally continues.
The hourly chart also reflects a positive trend, with the index trading above its major EMAs. However, following the recent sharp advance, the possibility of a temporary pause or sideways movement cannot be ignored.
Nifty RSI Analysis: Bullish Momentum Meets Overbought Conditions
Momentum indicators continue to favour the bulls, although shorter timeframes are showing signs of stretched valuations in terms of technical momentum.
The daily Relative Strength Index (RSI) has reached 66.59, indicating sustained buying strength without entering the conventional overbought zone of 70.
Meanwhile, the hourly RSI has risen to 83.53, and the 15-minute RSI stands at 75.41. Both readings are above 70, suggesting that the index is overbought on shorter timeframes.
Such elevated readings do not necessarily signal an immediate reversal, but they increase the likelihood of profit booking or consolidation as traders reassess positions after the recent gains.
Nifty Outlook for November 4: Key Support and Resistance Levels
The technical outlook for the Nifty 50 remains positive following its close above the 61.8% Fibonacci retracement level of 23,783.05. As long as the index manages to sustain above this mark, buyers may attempt to push it towards the psychological level of 24,000, followed by the important resistance at 24,216.40.
However, the overbought readings on the hourly and 15-minute charts suggest that traders should remain alert to short-term volatility. Any failure to sustain higher levels could encourage profit booking.
On the downside, 23,478.45 will be an important level to monitor. A decisive break below this support could weaken the immediate bullish momentum and open the possibility of a decline towards 23,183.10.
For Wednesday's trading session, the index's ability to hold above 23,783.05 will be crucial in determining whether the ongoing rally extends further or enters a consolidation phase.
