Trading Plan: After a stellar rally, will Nifty 50 and Bank Nifty take a breather?
In terms of key levels, the Nifty 50 needs to defend 22,800 to extend its upmove towards 23,000–23,200. A break below 22,800 could see the index find support at 22,650, followed by 22,400, which remains a crucial support level.
The improvement in momentum indicators and the decisive move above short-term moving averages boosted market sentiment. However, the sustainability of the recovery remains key to watch going forward, while elevated oil prices are likely to cap the market's upside. In terms of key levels, the Nifty 50 needs to defend 22,800 to extend its upmove towards 23,000–23,200. A break below 22,800 could see the index find support at 22,650, followed by 22,400, which remains a crucial support level.
Meanwhile, the Bank Nifty needs to hold 54,500 as support, with 54,000 being the next level to watch in case of a breakdown. On the upside, a decisive move above 55,000 is essential for the index to extend its rally towards the 55,700–56,100 resistance zone, according to experts. On October 29, the Nifty 50 rallied 238 points, or 1.05 percent, to close at 22,937, while the Bank Nifty surged 642 points, or 1.18 percent, to 54,910.
Market breadth remained in favour of the bulls, with 2,000 shares advancing against 1,272 declining shares on the NSE. Nifty Outlook and Strategy Jay Mehta, Technical Research at JM Financial Services After consolidating in the 22,300–22,800 range for nearly five sessions, Nifty broke out above the upper end of this range and cleared the 22,800 resistance in the latest session. The index has reclaimed its 20-day EMA, while momentum indicators are improving and moving towards the positive zone.
The recent consolidation took place near the retest zone of a falling wedge breakout that occurred earlier this month. The initial breakout had pushed the index higher to 23,175 before the subsequent retracement. Overall, the short-term bias remains positive. Immediate upside targets are placed at 23,195, followed by 23,500, provided positive momentum continues above 23,200. Support is placed at 22,650, followed by the 22,500–22,400 zone.
Key Resistance: 23,195, 23,500 Key Support: 22,650, 22,500, 22,400 Strategy: Buy Nifty Futures at the current market price (CMP) and on dips towards 22,750–22,800, targeting 23,195 and 23,500, with a stop-loss below 22,500. Neel Parekh, Derivatives Research Analyst at Samco Securities Nifty has broken out of its five-day consolidation range on the daily chart, closing near the day's high and signalling a strong bullish bias.
On the hourly chart, the index continues to form higher bottoms and has sustained above its 40-hour moving average. A positive MACD reading further reinforces the improving momentum. A decisive breakout above 23,000, which coincides with a descending trendline and the maximum Call open interest zone, could trigger short covering and propel the index towards 23,200–23,500. For the November 3, 2026, weekly expiry, maximum Call open interest is concentrated at 23,000 and 23,500, indicating potential resistance.
Meanwhile, maximum Put open interest at 22,700 and 22,500 highlights key support zones. Intraday positioning reflects Call short covering and fresh Put writing at 22,700 and 22,800, signalling strengthening support and improving bullish sentiment. A Put-Call ratio (PCR) above 1 further indicates relatively stronger Put-side positioning, reinforcing the positive bias. Key Resistance: 23,100, 23,300, 23,500
Key Support: 22,850, 22,700, 22,500 Strategy: Buy Nifty November Futures above 23,100, targeting 23,500, with a stop-loss at 22,850. Sumeet Bagadia, Executive Director at Choice Broking Nifty 50 closed above its previous five-session sideways trading range, forming a strong bullish candle. The index also closed above its 20-day EMA and the middle band of the Bollinger Bands, indicating an improvement in the short-term price structure.
On the weekly chart, Nifty has sustained support around the 200-week EMA over the past 3–4 weeks. Meanwhile, the hourly chart shows the index taking support from a rising trendline, making this level important for the near-term trend. On the upside, the 23,200–23,370 zone is likely to act as a crucial resistance area. Immediate support is placed around 22,600–22,380. Sustaining above this support zone would keep the near-term recovery intact.
Key Resistance: 23,200, 23,370 Key Support: 22,600, 22,380 Strategy: Buy Nifty November Futures on dips in the 22,850–22,950 zone, targeting 23,400–23,650. The bullish view remains valid as long as Nifty sustains above the 22,600–22,380 support zone. Bank Nifty - Outlook and Positioning Jay Mehta, Technical Research at JM Financial Services Bank Nifty is consolidating within a range, with support at 53,800 and resistance at 56,150.
The index recently tested the lower end of this range near 53,800, briefly dipped below it, absorbed liquidity and staged a strong rebound, indicating buying interest at lower levels. The index remains below its short-, medium- and long-term moving averages. Recent candlestick formations include a hammer on Monday and a piercing pattern across Tuesday and Wednesday near the support zone, signalling positive buying momentum.
As long as 53,800 holds on a closing basis, further consolidation with a positive bias is likely, with the potential to move towards the upper end of the range near 56,200. Momentum and trend indicators suggest improving momentum, with the overall bias ranging from positive to consolidative. Key Resistance: 55,700, 56,150 Key Support: 54,300, 53,800 Strategy: Buy Bank Nifty Futures with a stop-loss below 53,800, targeting 55,700 and 56,150.
Consider adding to the position on a breakout above 56,200. Neel Parekh, Derivatives Research Analyst at Samco Securities Bank Nifty closed on a strong note, reinforcing the ongoing bullish pullback. On the daily chart, the index closed above the previous day's bullish piercing-line candle, while the hourly chart shows it sustaining above its 40-hour moving average. The MACD's move into positive territory signals improving momentum.
A decisive breakout above the 55,000–55,100 resistance zone, which coincides with the 61.8% Fibonacci retracement level and the maximum Call open interest concentration, could trigger short covering towards 56,000. Maximum Call open interest is concentrated at 55,000 and 56,000, indicating potential overhead resistance. On the Put side, maximum writing at 55,000 and 54,500, followed by 54,000, highlights key support zones.
Intraday positioning shows Call unwinding and fresh Put writing at 54,500 and 55,000, signalling strengthening support and an improving bullish bias. The PCR at 0.97 indicates near-balanced positioning, suggesting scope for further upside if the index sustains above key resistance. Key Resistance: 55,300, 55,600, 56,000 Key Support: 54,700, 54,500, 54,000 Strategy: Buy Bank Nifty November Futures above 55,300, targeting 55,900, with a stop-loss at 54,850.
Sumeet Bagadia, Executive Director at Choice Broking Bank Nifty closed above the previous three sessions' sideways trading range, indicating improving buying interest. The index has repeatedly held its major horizontal support near 53,750 and found strong support around the lower Bollinger Band over the last 3–4 sessions. The daily chart is also showing RSI divergence, while both the PSU and private bank indices are moving higher, supporting the recovery.
From a technical perspective, Bank Nifty has closed above its 10-day EMA, indicating improving short-term momentum. The RSI divergence and breakout above the recent sideways range support a positive near-term outlook. The index may move towards 55,700–56,000, while 54,500–54,000 is expected to act as a key support zone. The short-term bias favours a buy-on-dips approach. Key Resistance: 55,700, 56,000
Key Support: 54,500, 54,000 Strategy: Bank Nifty November Futures are trading around 55,165. Consider buying Futures on dips in the 54,700–55,000 zone, targeting 55,800–56,200, with a strict stop-loss at 54,000.
