Benchmark indices Nifty 50 and Sensex are likely to extend their range-bound movement, remaining within a narrow band on Tuesday, November 4, echoing muted Asian cues.
At 7.30 am, the GIFT Nifty index was quoting 25,874, lower by 45 points or 0.17 percent, which implies a muted start for Dalal Street.
Domestically, the market continues to consolidate with a positive undertone, supported by strong institutional flows and steady earnings momentum, though volatility may persist within the broader range.
Overnight, the S&P 500 and the Nasdaq closed higher, with artificial intelligence-related deals driving much of the gains even as the Federal Reserve's near-term monetary policy grew increasingly foggy due to scarcity of official U.S. economic data.
The Dow Jones Industrial Average fell 0.48 percent, the S&P 500 gained 0.17 percent and the Nasdaq Composite gained 0.46 percent.
Asian stocks opened lower Tuesday after weaker US economic data and uncertainty over the Federal Reserve’s policy outlook weighed on sentiment.
Key levels to track on November 4
The Nifty 50 continues to find firm support around 25,660, which remains the key pivot for the ongoing structure.
“A sustained close below this zone could trigger short-term weakness toward 25,500–25,400, while holding above 25,800 may pave the way for a retest of 25,960–26,050, said Ponmudi R, CEO of Enrich Money.
He added that breakout above 26,100 could reignite bullish momentum, setting the stage for the next leg higher.
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