The Nifty 50 staged a stellar rally on October 15, surging 1.66 percent to record its biggest single-day gain in four months. The index decisively reclaimed its 20-day EMA and the middle line of the Bollinger Bands. Improving momentum indicators further suggested that control had shifted in favour of buyers, at least for the time being. However, the broader trend remains weak, as the index continues to trade below its 50-day and 200-day EMAs. Experts, therefore, advised caution, viewing the current upmove as a relief rally. A sustained move above 22,850 could open the door for an advance towards 23,000, followed by the 23,300–23,350 zone, which is likely to act as a crucial resistance area. On the downside, a failure to sustain above 22,850 could lead to further consolidation, with support placed in the 22,700–22,600 range.


Key Levels For The Nifty 50 (22,997)

Resistance based on pivot points: 23,057, 23,156, and 23,316
Support based on pivot points: 22,737, 22,638, and 22,478

Special Formation: The Nifty 50 formed a long bullish candle on the daily chart and closed decisively above its short-term moving averages, indicating strengthening buying momentum. However, the index continued to trade below its medium- and long-term moving averages, signalling weakness in the broader trend. The Relative Strength Index (RSI) rose towards the 50 mark and registered a bullish crossover. Meanwhile, the Moving Average Convergence Divergence (MACD) maintained its positive crossover, with the green histogram bar expanding for another consecutive session. Taken together, these technical indicators suggest improving bullish momentum in the near term, although the broader trend remains weak.

Key Levels For The Bank Nifty (55,810)

Resistance based on pivot points: 56,019, 56,204, and 56,505

Support based on pivot points: 55,418, 55,232, and 54,932

Resistance based on Fibonacci retracement: 57,285, 59,261

Support based on Fibonacci retracement: 55,049, 54,053

Special Formation: The Bank Nifty also formed a bullish candle on the daily chart, featuring a noticeable upper shadow and a small lower shadow. The index continued to maintain its higher high–higher low structure, a positive bias despite some selling pressure at higher levels. The upmove was accompanied by robust trading volumes. The index closed decisively above its short-term moving averages and the midline of the Bollinger Bands. It moved closer to its 50-day EMA but remained below it, as well as its 100-day and 200-day EMAs, indicating that the broader trend remains weak. The RSI rose to 51.59 and registered a bullish crossover. Meanwhile, the MACD remained above its signal line, with the green histog...

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📊 Indian Stock Market – Pre-Market Update | October 16, 2026
🇮🇳 Stock Market Recap

Indian equity benchmarks ended Thursday’s session on a strong note, supported by gains in Private Banking, IT and Auto stocks, amid the weekly expiry of Sensex contracts.
🔹 Sensex: Closed at 74,315.61, up 1,533.72 points (+2.11%).
🔹 Nifty 50: Settled at 22,997.35, up 374.65 points (+1.66%).

🇺🇸 US Market Recap
Wall Street witnessed mixed trading on Thursday. Concerns over elevated AI spending and hotter-than-expected inflation weighed on technology stocks, while gains in non-tech shares supported the Dow Jones.
🔹 Dow Jones: 51,922.89, up 301.41 points (+0.58%).
🔹 S&P 500: 7,682.93, down 36.01 points (-0.47%).
🔹 Nasdaq Composite: 26,376.86, down 316.01 points (-1.18%).

#GIFTNifty higher, indicates a gap-up start for the Indian market; Crude steady, #Brent hovers near $106/bbl amid West Asia supply crisis