The Nifty 50 rebounded 0.68 percent on October 26 after a 2.36 percent correction in previous week. However, given the weak broader technical structure, caution ahead of the monthly derivatives expiry on October 27, and crude oil prices trading above $100 a barrel, the sustainability of the recovery remains a key concern. Broadly, the index is expected to trade within the 22,200–23,200 range until it decisively breaks out of either side to establish a clear direction. On the upside, the Nifty 50 needs to overcome the immediate resistance zone of 22,800–22,850 to extend its recovery. On the downside, the 22,500–22,400 range is likely to act as an immediate support zone, according to market experts.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 22,771, 22,857, and 22,997
Support based on pivot points: 22,491, 22,405, and 22,265
Resistance based on pivot points: 54,414, 54,559, and 54,794