Trade Setup For Nov 4: Nifty May Retest Recent Swing High Of 26,100, Say Analysts

The NSE Nifty 50, which closed with modest gains on Monday, may retest the recent high of 26,100 again in the near future, analysts said, while describing the pullbacks as buying opportunities.

According to Shrikant Chouhan, head of equity research at Kotak Securities, the key Nifty support zones for day traders stand at 25,700 and 25,650.

As long as the market trades above these levels, a pullback formation is likely to continue, potentially pushing the index toward 25,875. Further upside could even lift the index toward the 25,875 mark.

Nagaraj Shetti, senior technical research analyst at HDFC Securities, echoed the positive outlook, stating that the Nifty is expected to bounce back from the current levels and could retest the recent swing high of 26,100 in the next few sessions. The immediate support is placed at 25,650.

Bajaj Broking Research also maintains a positive bias, expecting the index to head towards the last two weeks’ high of 26,100 and then toward the all-time high of 26,277 in the coming sessions. Stronger support is identified around 25,500 to 25,300, which is viewed as a critical hold point, aligning with the recent breakout zone and the 50-day EMA.

Chouhan warns that the uptrend would become vulnerable if the market falls below the 25,650 level. A breach of this support would increase the chances of the index hitting 25,550.

The outlook for Nifty Bank remains broadly positive, with pullbacks advised to be viewed as buying opportunities. Immediate support for the Nifty Bank is seen around 57,300–57,500, which aligns with the previous breakout zone. A stronger support base lies near 56,800–56,500. The brokerage further anticipates that PSU banking stocks are expected to extend their recent outperformance.

Notably, the Indian equity markets ended Monday's session with modest gains, as the Nifty 50 closed up 0.16% at 25,763, while the BSE Sensex settled 0.047% higher at 83,978.49.

The rupee fell for the third straight day, settling seven paise lower at 88.77 against the US dollar.