The Nifty 50 closed 0.2 percent lower on October 28 after a consolidation session, as market participants remained cautious ahead of the US Federal Reserve’s policy outcome due later tonight. Technically, the broader structure continues to look weak, with the index trading below all key moving averages. On the levels front, 22,800, which coincides with the 20-day EMA and has acted as a hurdle over the past two sessions, needs to be decisively breached. A sustained move above this level could open the door for an upmove towards 23,200, which coincides with the 50-day EMA. However, if the index fails to move above 22,800, consolidation could continue, with the 22,500–22,400 zone acting as the support area, according to experts.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 22,765, 22,831, and 22,939
Support based on pivot points: 22,551, 22,485, and 22,378
Resistance based on pivot points: 54,422, 54,614, and 54,925