Stock market outlook today, 3 Nov: Sensex, Nifty prediction - DJIA, S&P, NASDAQ, GIFT Nifty, Kospi, Taiwan cues
Stock market prediction for Tuesday, 3 November, 2026: The Indian stock market is expected to open higher for the second consecutive session on Monday, November 2, as GIFT Nifty signals a positive gap-up start. The upbeat outlook follows sharp gains in both benchmark indices in the previous session.
Meanwhile, Asian markets traded mixed on Tuesday, while US stock futures witnessed a significant downturn after starting off on a strong note on Monday.
“Indian equity markets are likely to extend their recovery after the strong rebound in the previous session, with easing crude oil prices, amid hopes of a de-escalation in the Middle East conflict, providing additional support to investor sentiment. However, the sustainability of the recovery will depend on global market cues, further progress in U.S.–Iran negotiations and the broader direction of investor sentiment,” said Ponmudi R, CEO of Enrich Money.
Benchmark indices Sensex and Nifty extended their gains for the third consecutive session on Monday, with the Sensex surging over 1,200 points to its highest level in more than seven weeks. The rally was supported by strong buying in Reliance Industries following its earnings announcement, along with a decline in crude oil prices. The Nifty also closed above the 23,400 mark.
The 30-share BSE Sensex jumped 1,233.25 points, or 1.66%, to settle at 75,692.78, its highest closing level since September 7. Meanwhile, the 50-share NSE Nifty surged 387.70 points, or 1.68%, to end at 23,440.80, marking its strongest closing level in over five weeks. Both indices finished the session at their day's highs.
“Markets staged a rally on Monday, extending their recovery as favourable global cues, easing crude oil prices and encouraging corporate earnings lifted investor sentiment. The Nifty moved above the 23,400 mark, while the Sensex advanced nearly 1,200 points, reflecting broad-based buying interest. Participants should focus on selectively accumulating quality stocks, disciplined stock selection and prudent overnight risk management amid upcoming global events and persistent geopolitical uncertainties,” said Ajit Mishra, SVP – Research, Religare Broking.
Gift Nifty was trading around the 23,553 level, up nearly 150 points or 0.65% from the Nifty futures’ previous close, indicating a positive opening for the Indian stock market indices.
Sensex witnessed a strong bullish session, closing at 75,692.78, gaining 1,233.25 points (+1.66%). The index opened at 75,178.24 with a massive gap-up, touched an intraday low of 74,978.12, and advanced to a high of 75,692.78, eventually settling at the day's high. The strong closing reflects renewed buying interest and a significant improvement in overall market sentiment.
On the Sensex outlook, Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited, said that from a price action perspective, the 74,700–75,000 zone is the immediate support area, while resistance is placed around 75,750–76,000. The broader trading range stands at 74,700–76,000, indicating a sideways to bullish bias. Sustaining above the 75,000 mark will be important to maintain the positive momentum, while a decisive breakout above 76,000 could open the door for further upside.
“Going forward, the SENSEX outlook has shifted towards sideways to bullish, supported by strong buying interest, a close above the 100 EMA and improving RSI momentum. Holding above 74,700–75,000 will be crucial to sustain the ongoing recovery, while a decisive breakout above 75,750–76,000 could trigger the next leg of the rally. The improved derivatives positioning also supports the positive undertone. Overall, the market structure favours a bullish approach, with traders keeping a close watch on the 76,000 resistance zone for further confirmation,” Gupta said.
On the Nifty 50 outlook, Osho Krishan, Chief Manager - Technical & Derivative Research, Angel One, said that from a technical perspective, the Nifty50 has registered a breakout from an ‘Inverted Head and Shoulders’ pattern on the daily chart, indicating the possibility of a bullish trend reversal.
"Furthermore, the prevailing lower-high and lower-low formation has been invalidated as the index decisively surpassed its recent swing high, further strengthening the bullish outlook.
On the downside, the unfilled gap zone of 23200-23120, coinciding with the 50-day EMA, is expected to act as an immediate support cushion against any intermittent profit booking. The 23000 mark remains a crucial and sacrosanct support level. On the upside, the improving chart structure indicates potential headroom towards the 23560-23620 zone, representing the bearish gap on the daily chart on intermediate basis. With the technical setup turning increasingly constructive, the strategy would be to utilize any short-term declines towards the support zones as opportunities to accumulate long positions in the index," said Krishan.
Wall Street's benchmark indices reversed their early gains on Monday, November 2, after opening on a strong note, as technology stocks came under renewed selling pressure. The sell-off extended the sharp correction witnessed on Friday, with the tech-heavy indices bearing the brunt of the decline.
The Dow Jones Industrial Average outperformed its peers, closing 200 points higher, although it retreated nearly 450 points from its intraday high.
Technology stocks faced the steepest losses, with the Nasdaq Composite shedding 715 points and the Nasdaq 100 dropping over 750 points from their respective intraday highs.
S&P 500
The S&P 500 fell more than 120 points from its session peak to end 0.5% lower on Monday.
South Korean equities opened sharply lower on Tuesday, as concerns over heavy investments in artificial intelligence (AI) infrastructure persisted ahead of the US midterm elections. The benchmark Kospi index dropped 196.71 points, or 3.36%, to 5,662.37.
Among major stocks, Samsung Electronics fell 4.59%, while chipmaker SK hynix declined 5.1%, adding to the pressure on the broader market.
The Japan stock market is closed closed today, Tuesday, November 3, 2026, because it is a national public holiday (Culture Day / Bunka no Hi).
Meanwhile, Taiwan stock market continued its losing streak on Tuesday, with Taiex index falling over 1.21% to 44,376.04.
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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