The Nifty 50 extended its upward momentum for another session, decisively moving above the 23,000 mark with gains of 0.65 percent on October 16, supported by above-average trading volumes. The index moved convincingly above its short-term moving averages, accompanied by further improvement in momentum indicators. However, it needs to demonstrate strength in the broader trend by moving above its 50-day and 200-day EMAs to sustain the rally. Going ahead, the 23,300–23,350 zone, zone, which coincides with the 50-day EMA and the upper end of the bearish gap formed on September 24, is expected to act as immediate resistance. This is followed by 23,500, a crucial hurdle that represents the 50 percent Fibonacci retracement level of the decline from 24,774 to 22,180. On the downside, immediate support is placed in the 22,900–23,000 range, followed by 22,800, which remains a key support level, experts said.

Key Levels For The Nifty 50 (23,146)

Resistance based on pivot points: 23,160, 23,216, and 23,306
Support based on pivot points: 22,980, 22,924, and 22,834

Special Formation: The Nifty 50 formed a bullish candle with a noticeable lower shadow on the daily chart, indicating a positive bias and strong buying interest at lower levels. The index moved above its 10-day and 20-day EMAs, both of which are trending upward, but continues to trade below its 50-day and 200-day EMAs. The index approached the 38.2 percent Fibonacci retracement level at 23,172. Meanwhile, the RSI climbed above the 50 mark to 52.81, while the MACD remained above its signal line and continued to move towards the zero line. The MACD histogram's green bar also expanded for the third consecutive session. These technical indicators collectively suggest improving bullish momentum and the potential for further upside, although the index needs to overcome key resistance levels to confirm a sustained recovery.

Key Levels For The Bank Nifty (55,844)

Resistance based on pivot points: 55,964, 56,073, and 56,250

Support based on pivot points: 55,610, 55,500, and 55,323

Resistance based on Fibonacci retracement: 56,238, 56,819

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

Special Formation: The Bank Nifty formed a small-bodied bearish candle with a minor upper shadow and a long lower shadow on the daily chart. This generally indicates buying interest at lower levels; however, carries limited significance as the index traded within the previous session’s range. The index continues to trade above its 10-day and 20-day EMAs, maintaining its upward trajectory since recovering from the September 29 low. However, it needs to overcome resistance at its 50-day and 200-day EMAs to strengthen the broader trend. The RSI rose above the 50 mark to 51.91. The MACD maintained a bullish crossover with a strong upward bias, while the MACD histogram’s green bar expanded for the fifth ...

📊 STOCK MARKET TODAY | ALL YOU NEED TO KNOW BEFORE TRADE — OCT 19
🇮🇳 INDIAN MARKETS 📈

Indian equity benchmarks, Sensex and Nifty 50, extended their gains for the second consecutive session on Friday, led by strong performance in IT, Metal and Auto stocks. 🚀
🟢 BSE Sensex: Closed at 74,729.27, up 413.66 points (+0.56%)
🟢 NSE Nifty 50: Closed at 23,146.15, up 148.80 points (+0.65%)

🇺🇸 US MARKETS 🌎
Wall Street ended mixed on Friday as continued selling in Technology and AI-linked stocks kept market sentiment cautious. ⚠️
🟢 Dow Jones: Gained 188 points (+0.4%)
🟢 S&P 500: Rose 0.1%
🔴 Nasdaq Composite: Fell 0.2%
📉 WEEKLY MARKET PERFORMANCE
🔴 Nasdaq: Declined 2.4%
🔴 S&P 500: Fell 0.9%

#GIFTNifty flat indicates a muted start for the Indian market. Crude off highs; Brent below $108/bbl; #Putin floats a summit with #Trump & Xi to discuss Ukraine war, WSJ reports