Trade Setup For Oct 30: Nifty Sees Next Resistance At 26,200–26,300 Levels
As long as Nifty holds above 25,700, the medium-term outlook remains constructive and decisively positive, supported by a consistent bullish price structure, as per analysts.
Nifty on Wednesday closed above the 26,000-mark, ending near its immediate resistance zone, which underscored the market's prevailing bullish dominance.
On the upside, the recent hurdle and all-time high zone of 26200–26,300 remains the next key resistance range, beyond which the index could witness fresh leg of sharp upside in the near term, said Rajesh Bhosale, equity technical analyst at Angel One.
This movement shaped a narrow consolidation band above its breakout neckline, indicating a healthy time-based correction amid continued follow-through buying, said Dhupesh Dhameja, derivatives research analyst at SAMCO Securities. According to him immediate resistance is placed at 26,100, while support will be at 25,700-25,800.
Given the continuation of higher high–higher low formations, the probability of a breakout above this zone appears elevated. As long as Nifty holds above 25,700, the medium-term outlook remains constructive and decisively positive, supported by a consistent bullish price structure, he said.
Dhameja also added that the index has formed a series of higher highs and higher lows indicating a well-structured and ensuring uptrend.
"The index formed a bullish candlestick pattern ahead of an important global event, marking a higher high and lower low, and closed above the past three days’ high — a clear sign that bulls are in control," said Bajaj Broking Research.
"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 Dhameja.
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.
The Bank Nifty has extended its steady rise on Wednesday forming a bullish candle, said Om Mehra, Technical Research Analyst, SAMCO Securities. "The index remains positioned above its short-term moving average with a widening gap," Mehra added. Nifty Bank support is likely to be placed at 57,950 and 57,800, with the index poised to break its all time high of 58,577.50.
"Overall, the outlook remains positive, and any pullbacks should be viewed as buying opportunities within these support areas," said Bajaj Broking.
Market Recap
The Nifty ended in the green on Wednesday closing above the 26,053 mark. At the close, the Sensex rose 368.97 points, or 0.44%, to 84,997.13, while the Nifty slipped 117.70 points, or 0.45%, to 26,053.90. The Nifty was up as much as 0.62% during the day at 26,097.85, while the Sensex was also up 0.56% to 85,105.83.
"The Nifty maintained its upward momentum today amid upbeat investor sentiment, supported by reports that the United States and India will soon finalise a long-delayed trade deal, as stated by Donald Trump during his South Korea visit," said Ponmudi R, CEO of Enrich Money, a SEBI - registered online trading and wealth tech firm.
Currency Update
The rupee traded in a narrow range against the US dollar in early trade on Wednesday, as the support from positive domestic equities was negated by month-end dollar demand.
