Stock market outlook today, 2 Nov: Sensex, Nifty prediction - DJIA, S&P, NASDAQ, GIFT Nifty, Kospi, Nikkei, Taiwan cues

Stock market prediction for Monday, 2 November, 2026: The Indian stock market is likely to open on higher, as GIFT Nifty signalled a gap up positive start on Monday, 2 November.

Meanwhile, Asian markets traded lower on Monday, while US stock futures started the post-weekend trade on a positive note after blood bath on Friday.

“Indian equity markets may attempt to extend their recent recovery, with investors drawing some encouragement from renewed diplomatic efforts to de-escalate the U.S.–Iran conflict. Discussions involving Iranian officials and Qatari mediators have raised hopes of a possible breakthrough that could ease supply concerns and improve the outlook for global energy markets. Any tangible progress on this front could help reduce the geopolitical risk premium in crude oil and offer near-term support to domestic equities,” said Ponmudi R, CEO of Enrich Money.

Indian equity markets extended their winning streak for the second consecutive session, with benchmark indices ending moderately higher despite lingering concerns over elevated crude oil prices. On a weekly basis, the BSE benchmark Sensex advanced 1,335.7 points, or 1.82%, while the NSE Nifty gained 453.1 points, or 2%.

On Friday, the Sensex and Nifty continued their upward momentum, driven by strong buying interest in IT stocks and earnings-led gains in Trent, the Tata Group’s retail arm. The 30-share BSE Sensex rose 308.49 points, or 0.42%, to close at 74,459.53. During the session, it advanced as much as 591.55 points, or 0.79%, to touch 74,742.59. Meanwhile, the 50-share NSE Nifty climbed 116.35 points, or 0.51%, to settle at 23,053.10.

“Markets staged a recovery during the week, supported by encouraging corporate earnings and renewed buying interest in heavyweight stocks. The benchmarks began the week on a positive note, followed by two sessions of consolidation and mild weakness. Sentiment improved sharply on Thursday, when the Sensex surged over 900 points, with buying momentum extending into Friday. The recovery helped the Nifty reclaim the 23,000 mark, signalling an improvement in near-term market sentiment,” said Ajit Mishra, SVP – Research, Religare Broking.

Gift Nifty was trading around the 23,291 level, up nearly 205 points or 0.89% from the Nifty futures’ previous close, indicating a positive opening for the Indian stock market indices.

BSE SENSEX extended its recovery, closing at 74,459.53, up 308.49 points (+0.42%). The index opened at 74,199.69, witnessed a minor pullback to an intraday low of 74,082.03, and advanced to a high of 74,742.59 before settling in positive territory. The sustained buying interest during the session helped the benchmark maintain its upward momentum.

According to Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited, the 73,800–74,000 zone remains the immediate support area, while resistance is placed around 74,700–75,000. The broader trading range stands at 73,800–75,000, indicating a sideways to bullish bias. Sustaining above the immediate support zone will be important for maintaining the recovery, while a decisive breakout above 75,000 could open the door for further upside.

“Overall, the SENSEX remains sideways to bullish, supported by its recovery above key moving averages, a strong weekly candle and improving RSI momentum. Holding above 73,800–74,000 will be crucial to sustain the positive structure, while a breakout above 74,700–75,000 could trigger the next leg of the upward move. On the downside, a breach of the immediate support zone may lead to some profit booking. Overall, the technical structure favours a positive approach, with traders keeping a close watch on the 75,000 resistance zone for further confirmation,” Gupta said.

Meanwhile, on the Nifty 50 outlook, Hitesh Tailor, Research Analyst at Choice Broking, said that the index started the week at 22,524.40, around 75 points lower than the previous week's close. Initial selling pressure dragged the index to a weekly low of 22,387.35 on the first trading day, where strong buying interest emerged. Subsequently, the index moved into sideways consolidation before witnessing a breakout and gaining momentum towards the end of the week. Nifty closed at 23,053.10, up 453.10 points (+2.00%), indicating improving market sentiment and renewed buying interest.

“On the upside, immediate resistance is placed at 23,200, coinciding with a cluster of daily moving averages. A decisive breakout above this level could pave the way towards 23,700–24,000, where the 100-Week EMA and 200-Day EMA are positioned. On the downside, immediate support is seen at 22,850, followed by the crucial 22,600–22,400 zone, backed by the 200-Week EMA and rising trendline. Traders may adopt a selective buy-on-dips approach while monitoring these key levels,” said Tailor.

Wall Street futures began the new week on a positive note, recovering some ground after Friday’s sharp sell-off erased more than $1 trillion in market capitalisation. With daylight saving time coming into effect from Sunday, US stock markets will now open at 8 PM IST, an hour later than their usual 7 PM opening time.

Among the three major indices, the Dow Jones was the only one to end October with a monthly gain. Dow Jones futures were trading over 165 points higher.

Meanwhile, Nasdaq futures also gained nearly 200 points on Sunday evening, however, ended with losses for the month.

S&P 500

S&P 500 futures advanced by 30 points index but closed the month with declines.

South Korea's Kospi bounced back after falling 1.5% in the early trade on the first day of November, led by by losses in semiconductor stocks, including Samsung and SK Hynix. The index turned green by gaining over 0.46%, crossing 5,700 level on Monday.

Japanese equity markets opened lower as investors adopted a cautious stance ahead of the US midterm elections. The Nikkei 225 showed relative resilience, slipping 0.33% to 63,082.53, despite steep declines in Kioxia and SoftBank. The pre-election sell-off reflects growing risk aversion and subdued investor sentiment.

Taiwan stock market also remained negative with Taiex index falling 0.50% to 44,962.45 in early morning session on Monday.

Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.

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