Nifty Index Technical Outlook of 04th November 2026

As highlighted in yesterday’s research report, the Nifty Index continued its strong bullish momentum, witnessing an impressive breakout above its crucial resistance zone of 23,500, followed by strong impulsive buying that pushed the index significantly higher, closing above the 23,800 mark. The decisive breakout reflects strengthening bullish sentiment, with bulls maintaining clear dominance over bears and indicating the possibility of further upside momentum. Going into the next trading session, the index is approaching its major psychological resistance of 24,000, marked as a crucial supply zone, where smart bulls may look to book profits on existing long positions, potentially triggering intermittent profit booking and volatility. However, sustained trading above 23,500 will keep the bullish structure intact, while a decisive breakout above 24,000 could open the door for another leg of upside momentum. Overall, the Nifty Index maintains a strong bullish trend, although some profit booking near higher resistance levels cannot be ruled out. Traders should maintain a buy-on-dips approach while remaining cautious about aggressive fresh long positions near major resistance. Please Read Disclaimer & Disclosure Carefully: *****