🌍 Global Cues & GIFT Nifty – Early Mood Check
Overnight, Wall Street bounced back. The Dow Jones gained about 0.48%, the S&P 500 climbed 0.37%, and the Nasdaq added 0.65%, helped by stronger-than-expected US jobs data and upbeat earnings.
At the same time, investors are still watching the tariff story. The US Supreme Court has started questioning the legality of Trump-era tariffs, and Washington and Beijing have agreed to cut some fentanyl-related tariffs and lift certain retaliatory duties. That’s slightly risk-on for global equities.
In Asia, sentiment remains broadly constructive after Japan’s Nikkei 225 recently pushed above the 50,000 mark on expectations of fiscal support.
On the derivatives side, GIFT Nifty futures (Nov 25) are quoting around 25,735, down about 0.2% but still roughly 140 points above the Nifty 50 spot close of 25,597.65. That signals a mildly positive to flat start for Indian indices, not a runaway gap.
📊 Dalal Street Recap – Where We Closed on 4 November
The last trading session (Tuesday, 4 Nov) was weak for equities:
Nifty 50: 25,597.65, down 0.64%
Sensex: 83,459.15, down 0.62%
Bank Nifty: around 57,827, down about 0.5%
IT, metals and autos led the decline, with broad market breadth negative (more losers than gainers).
Technically, Nifty has slipped below near-term moving averages, so short-term trend looks a bit tired, even though the medium-term structure is still positive.
🧭 Key Levels – Nifty 50, Bank Nifty, Sensex
Using pivot-based levels from the latest trade setup:
Nifty 50 (25,597.65)
Support zones: First watch: 25,575 Then: 25,525 Strong base: 25,445–25,400
Resistance zones: Near term: 25,734 Then: 25,784 Higher hurdle: 25,860–25,800
If Nifty holds above 25,500–25,400, the bulls still have a decent base. A move above 25,750–25,800 opens the door for a retest of the 25,900+ zone over the next few sessions.
Bank Nifty (57,827)
Supports: 57,745, then 57,654, deeper at 57,506
Resistances: 58,041, 58,132, and 58,280
Bank Nifty is showing an “inside bar” type candle on daily charts – price action inside the previous day’s range – often a sign of short-term consolidation before a bigger move.
Sensex (83,459.15)
Immediate support zone: around 83,000 Deeper support: 82,500
On the upside, 84,000–84,500 is the first resistance band to watch.
📉 Derivatives Snapshot – OI, Put–Call Ratio & Volatility (India VIX)
From the latest options data for Nifty 50:
On the Call side, heavy open interest sits at the 26,000 strike, with notable build-up also at 25,800 and 26,500 – that cluster acts as a supply zone / overhead ceiling.
On the Put side, maximum OI is at 25,000, followed by 25,200 and 25,250 – this band is your structural support for now.
The Nifty PCR (Put–Call Ratio) has risen to about 0.93 (from 0.78), showing Puts being written more actively than Calls – typically a slightly bullish to neutral sentiment, not extreme euphoria.
India VIX, the volatility gauge, has cooled to around 12.65, staying below 13 but above its short- and medium-term averages.
That combination usually points to:
No panic in the system, But still enough caution that sharp intraday swings can appear around data or news.
📜 SEBI’s New Derivatives Rules – Ongoing Impact
SEBI’s 2025 framework for equity derivatives is very much in focus now that key parts kicked in from 3 November 2025.
Broad strokes for traders and investors:
Stricter eligibility for index derivatives Non-benchmark indices now need at least 14 constituents, Single stock weight capped near 20%, Top three together capped around 45%. This reduces concentration risk and may slowly push liquidity back towards broader, diversified indices.
Tighter risk & suitability checks for F&O clients Brokers must show loss-making statistics for F&O traders and stronger risk disclosures before you trade. Suitability tests and enhanced monitoring for leveraged positions are being rolled out.
Weekly expiry rethink SEBI is consulting on aligning or even reducing the frequency of weekly expiries to curb ultra-short-term speculation, though no blanket ban is in force yet.
Net effect: more focus on disciplined trading and cash-market investing, a little less on “lottery-ticket” weekly options.
🌐 India vs US – Trade Tensions & What It Means for Markets
Since August, India and the US have been locked in a trade spat, with Washington slapping combined tariffs of up to 50% on some Indian exports, citing “reciprocal” treatment and energy-policy differences.
India has, in turn, notified the WTO that it may impose counter-duties on select US products, especially around steel and aluminium.
More recently, Trump has hinted that a deal could eventually bring tariffs on Indian goods down to the mid-teens if negotiations move forward.
For Dalal Street, this mix has two layers:
Near term: keeps export-oriented sectors (IT services, specialty chemicals, textiles, some auto/auto-ancillary names) under a bit of headline risk. Medium term: if tariffs soften from 50% towards 15–16% as floated, it’s a structural positive for Indian exporters and market sentiment.
🏦 FII & DII Flows – Who’s Buying, Who’s Selling?
On 4 November 2025 in the cash market:
FIIs: net sellers ~₹1,067 crore
DIIs: net buyers ~₹1,203 crore
So, foreign money is still booking profits, while domestic institutions are quietly absorbing supply on dips. Month-to-date, FIIs remain net negative, but DIIs are strongly net positive.
🪙 Commodities – Gold, Silver & Crude
Gold (24k, all-India average): around ₹1,20,500 per 10g.
Silver: roughly ₹1,47,375 per kg.
After a strong run, gold is pausing but still elevated, thanks to global uncertainty and lower real yields.
Crude oil (international): around $59–60 per barrel in early Asian trade.
For India, sub-$60 crude is a tailwind – it helps inflation, the rupee, and margins for sectors like paints, chemicals, aviation and logistics.
💱 Currency Watch – USD/INR
The rupee is hovering near record-weak territory but relatively stable:
USD/INR is trading around 88.6–88.7 per dollar in the latest prints.
A soft rupee tends to:
Help IT and export-heavy names, Pressure importers (oil marketing, some FMCG, chemicals), Keep RBI on its toes, but so far, volatility is contained.
📑 IPO Radar – Lenskart, Groww & Shreeji Global FMCG
Lenskart Solutions (Mainboard)
Issue closed on 4 November, Overall subscription around 28.27x, with very strong QIB and NII interest, and robust retail demand. Allotment finalisation is today, 6 November, with listing expected on 10 November. Grey market premium has cooled off from peak levels but still hints at a moderate premium listing as of the latest checks.
Groww – Billionbrains Garage Ventures (Mainboard)
Open from 4–7 November 2025, price band ₹95–100. Day-1 plus early data: overall subscription around 0.57x, with retail doing more of the heavy lifting.
Valuation at the upper band implies ~33.8x FY25 P/E, slightly below the broader fintech peer average but still rich, so institutions are being selective.
Shreeji Global FMCG (SME)
SME IPO, issue size around ₹85 crore, price band ₹120–125, open 4–7 November. First-day subscription near 25%, with decent retail interest and time left for HNI and institutional bids to build up.
🧠 Short-Term vs Long-Term – How to Think About Today
For short-term traders (days to a couple of weeks):
Nifty’s 25,500–25,400 zone is your key demand pocket; dips into this area often attract buying if global cues stay supportive. On the upside, watch 25,750–25,800. Rejection here can keep the market range-bound; a clean breakout with volume can invite momentum buying. Bank Nifty staying above 57,500 keeps the broader bull case alive for financials; slipping below that raises the risk of deeper consolidation towards mid-56k levels.
For long-term investors (multi-year view):
The macro backdrop – moderating crude, steady domestic flows, SEBI nudging markets away from speculative F&O – still favours gradual, SIP-style accumulation in quality largecaps and leaders in banking, autos, infrastructure and digital platforms. Use volatility from trade headlines (India–US tariffs, US–China negotiations) as entry opportunities, not as reasons to panic, provided the stock’s fundamentals are strong.
Always align this with your risk profile and time horizon, and discuss specific stocks/strategies with a SEBI-registered adviser.
Further reading 👇
Kotak, SBI, Titan, M&M, Bajaj Fn Results
🇮🇳 India Post-Market Report|kartalks
Stock Market 101: Learn Stocks from Zero
⚠️ Disclaimer:
This report is for educational and informational purposes only and is not investment, tax or legal advice. Market levels, prices and data mentioned above are approximate and may change rapidly. Please do your own research and consult a SEBI-registered investment adviser or your financial advisor before making any investment or trading decisions. The author and this report accept no liability for any loss or damage arising from actions taken based on this information.