Trade Setup for November 3: Top 15 things to know before the opening bell

A decisive move above this level could pave the way for further upside towards 23,600, followed by the 23,800–23,900 zone. On the downside, the 22,300–22,200 range is expected to act as a crucial immediate support zone, according to market experts. Here are 15 data points we have collated to help you spot profitable trades: 1) Key Levels For The Nifty 50 (23,441) Resistance based on pivot points: 23,452, 23,507, and 23,597

Support based on pivot points: 23,274, 23,218, and 23,129 Special Formation: The Nifty 50 formed a long bullish candle on the daily timeframe following a gap-up opening, with the opening gap remaining unfilled throughout the session, indicating strong buying interest and positive market sentiment. The index also moved decisively above its 50-day EMA, while the short-term moving averages continued to slope upwards, reinforcing the improving trend structure.

Momentum indicators further strengthened the bullish outlook. The RSI climbed to 61.03, accompanied by a bullish crossover, indicating increasing buying momentum. Meanwhile, the MACD moved closer to the zero line while sustaining above its signal line, and the green histogram bar expanded for the third consecutive session. Collectively, these technical signals point towards strengthening bullish momentum and suggest the possibility of further upside in the near term.

2) Key Levels For The Bank Nifty (55,002) Resistance based on pivot points: 55,054, 55,164, and 55,341 Support based on pivot points: 54,699, 54,590, and 54,412 Resistance based on Fibonacci retracement: 55,128, 55,538 Support based on Fibonacci retracement: 54,035, 52,784 Special Formation: The Bank Nifty traded within the previous session's range and formed a bullish candle with a noticeable lower shadow, indicating buying interest at lower levels.

The banking index closed marginally above its 20-day EMA as well as the 50 percent Fibonacci retracement level of the correction from 56,065 to 53,626. However, it continued to trade well below its medium- and long-term moving averages, suggesting that the broader technical structure remains weak. Momentum indicators presented a mixed but gradually improving picture. The RSI stood at 48.46, remaining in neutral territory while sustaining above its signal line for the third consecutive session.

Meanwhile, the MACD continued to indicate consolidation but remained above its signal line, with the green histogram bar expanding further. These signals suggest improving short-term momentum and a gradual recovery in buying interest. However, the banking index needs to sustain above its key moving averages to confirm a stronger trend reversal. 3) Nifty Call Options Data According to the weekly options data, the maximum Call open interest was seen at the 23,500 strike (with 1.1 crore contracts).

This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,600 strike (1.04 crore contracts) and 23,400 strike (93.25 lakh contracts). Maximum Call writing was observed at the 23,600 strike, which saw an addition of 56.48 lakh contracts, followed by the 23,350 and 23,650 strikes, which added 30.95 lakh and 22.68 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,000 strike, which shed 47.88 lakh contracts, followed by the 23,100 and 23,200 strikes, which shed 47.73 lakh and 30.23 lakh contracts, respectively.

4) Nifty Put Options Data On the Put side, the 23,000 strike holds the maximum Put open interest (with 1.44 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,200 strike (1.07 crore contracts) and the 23,300 strike (91.49 lakh contracts). The maximum Put writing was placed at the 23,200 strike, which saw an addition of 99.31 lakh contracts, followed by the 23,300 and 23,250 strikes, which added 87.78 lakh and 62 lakh contracts, respectively.

There was hardly any Put unwinding seen in the 22,950-23,900 strike band. 5) Bank Nifty Call Options Data According to the monthly options data, the maximum Call open interest was seen at the 55,000 strike, with 12.23 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 56,000 strike (11.08 lakh contracts) and the 55,500 strike (7.29 lakh contracts). Maximum Call writing was observed at the 55,000 strike (with the addition of 86,580 contracts), followed by the 55,500 strike (67,170 contracts) and 55,100 strike (57,270 contracts).

The maximum Call unwinding was seen at the 54,700 strike, which shed 28,620 contracts, followed by the 54,600 and 54,500 strikes, which shed 18,420 and 14,370 contracts, respectively. 6) Bank Nifty Put Options Data On the Put side, the 55,000 strike holds the maximum Put open interest (with 12.32 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 54,000 strike (8.29 lakh contracts) and the 54,500 strike (5.31 lakh contracts).

The maximum Put writing was placed at the 55,000 strike (which added 1.12 lakh contracts), followed by the 55,100 strike (62,310 contracts) and 54,900 strike (57,090 contracts). The maximum Put unwinding was seen at the 54,300 strike, which shed 3,150 contracts, followed by the 56,000 and 54,400 strikes, which shed 2,910 and 1,350 contracts, respectively. 7) Funds Flow (Rs crore) The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 1.4 on November 2, compared to 1.42 in previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. The India VIX, also known as the fear index, rose 1.29 percent to 15.50, extending its upward trajectory for another session.

The volatility gauge continued to hover in the elevated zone, signalling some caution among bullish market participants. A decisive decline below the 13 mark could provide greater comfort to the bulls and indicate easing market uncertainty. 10) Long Build-up (73 Stocks) A long build-up was seen in 73 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11) Long Unwinding (18 Stocks)

18 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 12) Short Build-up (23 Stocks) 23 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13) Short-Covering (110 Stocks) 110 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14) High Delivery Trades Here are the stocks that saw a high share of delivery trades.

A high share of delivery reflects investing (as opposed to trading) interest in a stock. 15) Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: Nil Stocks retained in F&O ban: Kaynes Technology India, SAIL Stocks removed from F&O ban: Nil