The Nifty 50 witnessed consolidation on October 27, the monthly F&O expiry day, before closing marginally lower with a negative bias. The index attempted to extend its recovery and tested the 20-day exponential moving average (EMA) at 22,824 but failed to sustain above this level at the close. According to market experts, the 20-day EMA is expected to act as an immediate resistance, followed by the 23,000–23,200 zone, which remains a critical hurdle. On the downside, immediate support is placed in the 22,500–22,600 range. Unless the index decisively breaks above 23,200, consolidation and range-bound trading are likely to persist. The broader market structure remains weak, while elevated crude oil prices continue to weigh on sentiment.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 22,813, 22,858, and 22,932
Support based on pivot points: 22,665, 22,620, and 22,546
Resistance based on pivot points: 54,462, 54,628, and 54,896