Trading Plan: Can Nifty 50, Bank Nifty extend consolidation with a negative bias ahead of Fed outcome?
The 22,600 level is expected to act as immediate support for the Nifty 50, followed by 22,400 as a key support zone. However, the index needs to reclaim and sustain above 22,800 to move higher towards 23,000.
Given the lack of bullish strength amid an elevated India VIX, a weak broader technical structure, oil prices sustaining above $110 a barrel, and caution ahead of tonight's Federal Reserve meeting outcome, the Nifty 50 is expected to extend its consolidation with a negative bias. The 22,600 level is expected to act as immediate support, followed by 22,400 as a key support zone. However, the index needs to reclaim and sustain above 22,800 to move higher towards 23,000.
Meanwhile, a decisive break below the 53,800–53,700 support zone could intensify selling pressure in the Bank Nifty. On the upside, the index needs to decisively break above the 54,800–55,100 resistance zone to pave the way for further gains towards 55,800–56,100, according to market experts. On October 27, the Nifty 50 slipped 3.5 points, or 0.02 percent, to close at 22,750, while the Bank Nifty fell 392 points, or 0.72 percent, to 53,975.
Despite the weakness in the benchmark indices, market breadth remained positive on the NSE, with 2,305 shares advancing against 950 declining shares. Nifty Outlook and Strategy Rajesh Dashrath Bhosale, Fund Manager - Advisory at Renaissance On the daily chart, the Nifty 50 failed to build on Monday's strong bullish candle. The 22,800 level, which has capped the index over the past four sessions and coincides with the 20-day EMA, remains the immediate hurdle.
A sustained move above this level could trigger a range breakout, paving the way for a rally towards 23,000 and the recent high of 23,180, which aligns with the 50-day EMA. A broader uptrend would be confirmed only above 23,180, as a breakout above this high would signal a structural bottom. Until then, traders should remain selective, given the several geopolitical triggers lined up ahead. On the downside, the matching lows around 22,380 offer immediate support, followed by the long-term support level of 22,200.
Key Resistance: 22,800, 23,000 Key Support: 22,500, 22,380 Strategy: Buy Nifty November futures on a breakout above 22,900, with a stop-loss at 22,600 and targets of 23,250 and 23,280. Ashish Kyal, Founder / CEO of Waves Strategy Advisors On the daily chart, the Nifty 50 has been moving higher, forming a sequence of higher highs and higher lows after finding support in the 22,300 zone, which acts as weekly support.
This suggests that buying interest is emerging from the support zone. However, the previous session's range-bound movement between 22,650 and 22,830 was unexpected, considering the monthly expiry. The Nifty has also remained volatile over the past week, with India VIX trading around 17 percent, near the levels seen on June 8, 2026. On the hourly chart, the Nifty has been unable to sustain levels above 22,800.
Follow-through buying above 22,920 is required to signal the completion of wave (E) on the downside. Additionally, the KST indicator is approaching the zero line and has already crossed above its signal line, indicating that bullish momentum is building. After forming a base, the Nifty is witnessing buying interest at lower levels. A breakout above 22,800 could attract further momentum towards 22,920 or higher, provided the 22,380 support level holds.
Key Resistance: 23,000 Strategy: Buy Nifty futures on a breakout above 22,810, with a stop-loss at 22,710 and targets of 22,910–22,920, followed by 23,000. Preeti K Chabra, Founder of Trade Delta The Nifty 50 experienced a volatile monthly expiry session and closed without a clear directional bias. The index continues to trade within a downward-sloping channel. It closed above the 20-day SMA at 22,678 but below the 40-day EMA at 23,083, keeping the short-term trend under pressure.
The Nifty also closed below the 23.6 percent Fibonacci retracement level at 22,792, measured from the decline between 24,774 and 22,179. This retracement level, along with the moving averages, could act as near-term resistance. The RSI stands at 46.0, above its signal line but flattening, suggesting that positive momentum is fading. A slight unwinding of in-the-money Put positions also points to bearish sentiment.
A rebound could offer an opportunity to sell as long as the index remains below resistance. The bias will remain bearish unless the Nifty sustains a breakout above these resistance levels. Key Resistance: 22,792, 22,882 Key Support: 22,636, 22,550 Strategy: Consider selling Nifty futures near the cash reference level of 22,792, with a target of 22,636, followed by 22,550, and a stop-loss at 22,882.
Bank Nifty - Outlook and Positioning Rajesh Dashrath Bhosale, Fund Manager - Advisory at Renaissance The Bank Nifty remained under pressure on the futures expiry day. On the daily chart, the index has slipped back towards the September swing lows, making the 53,800–53,700 zone crucial. A sustained breakdown below this zone could trigger another leg of decline towards 53,000. On the upside, the index faces multiple overhead resistance levels.
The first sign of strength would emerge only if it moves above 55,000, which coincides with the 20-day EMA. Key Resistance: 54,800, 55,100 Key Support: 53,700, 53,000 Strategy: Sell Bank Nifty futures on a breakdown below 54,000, with a stop-loss at 54,900 and targets of 52,800 and 52,500. Ashish Kyal, Founder / CEO of Waves Strategy Advisors The Bank Nifty has been moving lower with each passing session and is trading below all the key 20-, 50-, and 100-period EMAs.
The index is also underperforming the Nifty, indicating overall weakness. Currently, the Bank Nifty is trading near its trendline support around 53,900. Further selling pressure could turn the 54-period cycle bearish and trigger a deeper decline towards 53,500. A breakdown below 53,770 could lead to a further fall, while a sustained move above 54,400 would be required to trigger a stronger pullback.
Key Resistance: 55,000 Strategy: Long positions in Bank Nifty futures can be initiated above 54,400, with a stop-loss at 54,150 and targets of 54,650–54,700, followed by 54,900. Preeti K Chabra, Founder of Trade Delta The Bank Nifty formed a bearish candle and continued to trade within a downward-sloping channel. The index remains well below the 20-day SMA at 54,893 and the 40-day EMA at 55,599, indicating that bears remain in control.
The index also closed below the 78.6 percent Fibonacci retracement level at 54,050, measured from the rally between 52,783 and 58,706. This level, along with the moving averages, could act as near-term resistance. Momentum has turned bearish. The RSI stands at 35.6, below its signal line, while the unwinding of in-the-money Put positions points to bearish sentiment. The short-term outlook remains negative, supporting a sell-on-rise strategy with a strict stop-loss.
Key Resistance: 54,650, 54,900 Key Support: 53,777, 53,500 Strategy: Consider selling Bank Nifty futures near the cash reference level of 54,650, with a target of 53,777, followed by 53,500, while maintaining a strict stop-loss at 54,900.
