The Nifty 50 bounced back after a four-day correction, rising 0.6 percent on October 1. However, the broader structure remains weak, with the index trading well below all key moving averages. US bond yields and oil prices, along with the India VIX, also remained elevated, keeping the market environment cautious. Therefore, strong follow-up buying interest over the next few sessions will be crucial to restore confidence among bulls. The immediate resistance is placed at 22,800,The immediate resistance is placed at 22,800, followed by the 23,000–23,200 zone, which is likely to act as a crucial hurdle. On the downside, 22,400 is expected to provide immediate support, followed by 22,200—the October 1 low—as a key support level. A break below 22,200 could further intensify selling pressure, according to experts.

Key Levels For The Nifty 50 (22,556)

Resistance based on pivot points: 22,611, 22,664, and 22,750
Support based on pivot points: 22,439, 22,386, and 22,300

Special Formation: The Nifty 50 formed a small-bodied bullish candle with upper and lower shadows, resembling a high-wave candlestick pattern, on the daily charts, indicating indecision and a pause in the ongoing bearish pressure. All key moving averages—the 10-, 20-, 50-, 100- and 200-day EMAs—were sloping downward, while the RSI rose to 28.15 but remained below its signal line. The MACD also remained below the reference line, although the weakness in the histogram eased after four consecutive sessions of expansion in the red bars. All these indicators suggest that the recent rebound lacks meaningful momentum, with the broader trend still remaining weak.

Key Levels For The Bank Nifty (54,714)

Resistance based on pivot points: 55,073, 55,267, and 55,581

Support based on pivot points: 54,445, 54,251, and 53,937

Resistance based on Fibonacci retracement: 55,897, 57,285

Support based on Fibonacci retracement: 54,053, 52,784

Special Formation: The Bank Nifty formed a small-bodied bearish candle with long upper and lower shadows on the daily chart for the second consecutive session on Monday, resembling a high-wave candlestick pattern and indecision between bulls and bears. The index remained below all key moving averages, with the short- and medium-term moving averages trending downward. The RSI jumped to 36.31 but remained below its reference line. The MACD also remained below its signal line, although weakness in the histogram eased for the third consecutive session. Overall, these indicators suggest that the selling pressure has moderated, but the broader trend remains weak and sustained buying is yet to emerge.

| GIFT Nifty higher, indicates a start in the green for the Indian market. Crude hovers around $100/bbl tracking West Asia tensions