Trade Setup for October 29: Nifty Faces Immediate Resistance at 26,000 as Bulls Await Breakout
Analysts expect the NSE Nifty 50 to continue its upward rally despite being in a narrow range over the last three sessions. The Nifty continues to maintain a sideways-to-bullish bias as long as it holds above the 25,850–25,800 support zone. Overall, despite a quiet session, the underlying bullish structure remains intact.
Nifty Resistance and Support Levels
The resistance for NSE Nifty 50 remains intact at 26,000 levels, despite the underlying bullish structure, according to analysts. Breaching this mark remains crucial for the stock market bulls to further surge ahead, they pointed out.
On the upside, the immediate resistance is seen around 26,050–26,100, with a sustained breakout likely to trigger further upside toward 26,200–26,300 in the near term, said Amruta Shinde, technical and derivative analyst at Choice Broking. For more information on Nifty levels, visit our website.
Bank Nifty Regains Momentum
The Bank Nifty has regained its momentum, with the index forming a modest bullish candle on the daily chart, said Om Mehra, technical research analyst at Samco Securities. The index continues to hold above its short-term moving average as well as the 23.6% Fibonacci retracement level placed near 57,550, Mehra added. While resistance will be around 58,450-58,600, support is placed at 57,800 and 57,700.
We maintain a positive bias and believe that intermittent dips should be utilized as buying opportunities within the established support zones, said Bajaj Broking. To learn more about Bank Nifty analysis, click here.
Nifty Ends in the Red
The Nifty ended in the red on Tuesday; however, it closed above the 25,900 mark. At the close, the Sensex fell 492.23 points, or 0.58%, to 84,286.61, while the Nifty slipped 29.85 points, or 0.11%, to 25,936.20.
The market remained highly volatile on the NSE monthly F&O expiry day. However, the overall chart setup on the daily timeframe remains intact, with the Nifty trading well above the 21EMA, keeping the bullish bias intact, said Rupak De, Senior Technical Analyst at LKP Securities. For the latest updates on Sensex news, visit our website.
Rupee Depreciates
The rupee depreciated by 8 paise to close at 88.27 against the US dollar on Tuesday on weak domestic stock markets and foreign fund outflows.
Nifty has consistently respected previous swing lows while forming a series of higher highs and higher lows — reaffirming a well-defined and robust uptrend, pointed out Dhupesh Dhameja, derivatives research analyst at Samco Securities. While the index appears slightly stretched in the short term, this ongoing consolidation offers opportunities for fresh accumulation in sync with its higher high–higher low formation, added Dhameja. To know more about Nifty trend analysis, click here.
Conclusion
In conclusion, the NSE Nifty 50 is expected to continue its upward rally, with immediate resistance at 26,000 levels. The Bank Nifty has regained its momentum, and the market remains highly volatile. The rupee has depreciated, and the Nifty has ended in the red. However, the underlying bullish structure remains intact, and the index is expected to trade above the 25,850–25,800 support zone.
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