In terms of key levels, 22,500 is expected to act as crucial support for the Nifty 50, and a decisive break below this level could intensify selling pressure. On the upside, any rebound may encounter resistance in the 22,800–22,900 zone.

The Nifty 50 remained under pressure for the third consecutive session, falling more than half a percent on October 22. The index continued to trade well below all key moving averages, while crude oil prices climbed to a fresh five-month high, indicating that bears remained firmly in control. Overall, the broader technical structure remains weak, prompting experts to recommend a “sell on rallies” strategy. In terms of key levels, 22,500 is expected to act as crucial support for the Nifty 50, and a decisive break below this level could intensify selling pressure. On the upside, any rebound may encounter resistance in the 22,800–22,900 zone, followed by the key psychological hurdle at 23,000.

Key Levels For The Nifty 50 (22,688)

Resistance based on pivot points: 22,764, 22,818, and 22,906


Support based on pivot points: 22,588, 22,534, and 22,446

Special Formation: The Nifty 50 formed a Doji candlestick pattern on the daily chart, indicating indecision between bulls and bears. The formation was accompanied by high trading volumes. The index continued to trade below all key moving averages as well as the midline of the Bollinger Bands. Among momentum indicators, the Relative Strength Index (RSI) declined further to 43.98 but remained above its signal line. The Moving Average Convergence Divergence (MACD) flattened out but continued to trade above its reference line, while the green MACD histogram bar contracted for another consecutive session. Overall, these indicators point to weakening momentum and continued uncertainty in the near-term market outlook.

Key Levels For The Bank Nifty (54,926)

Resistance based on pivot points: 55,098, 55,257, and 55,515

Support based on pivot points: 54,582, 54,423, and 54,165

Resistance based on Fibonacci retracement: 55,657, 56,238

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

Special Formation: The Bank Nifty closed 0.09 percent lower after staging a significant recovery from the day's low. On the daily chart, the index formed a bullish candle with noticeable upper and lower shadows, resembling a high-wave candlestick pattern and indicating indecision and heightened volatility at current levels. Despite the recovery, the banking index continued to trade below all key moving averages. Momentum indicators remained weak, with the RSI registering a bearish crossover and the Stochastic RSI staying below its signal line. The MACD continued to trend lower but remained above its signal line, while the green MACD histogram bar contracted for the third consecutive session.

GIFTNifty higher, trading at a premium of over 130 points from Nifty Futures Thursday's close, indicates a gap-up start for the Indian market

🌅 GOOD MORNING | INDIAN EQUITY VIEW BY MBS 📊
📉 MARKET OPENING CUES
🔴 GIFT NIFTY: Around 22,822, indicating a weak opening for the Nifty 50, as reported in the market update.
📊 Previous Session Close:
🔻 NIFTY 50: 22,687.65 (-0.54%)
🔻 SENSEX: 73,249.39 (-0.62%)
🏦 BANK NIFTY: 54,925.70 (-0.09%)
🌍 GLOBAL MARKET UPDATE
🇺🇸 US MARKET WRAP
🔴 Wall Street ended lower amid a technology sell-off and rising geopolitical concerns.
💻 Chipmakers plunged nearly 7%, dragging the Nasdaq 100 to its worst session since June.
🤖 Meta’s increased AI capital spending plans revived concerns over funding and debt.
📉 The S&P 500 fell 1.2%.
🌏 ASIAN MARKET WRAP
🔴 Asian equities extended losses, tracking weakness on Wall Street.
📉 MSCI’s regional equity benchmark declined 0.3% for a second consecutive session.
🇭🇰 Hang Seng futures gained 0.8%, while 🇯🇵 Japan’s Topix slipped 0.4%.
🪙 COMMODITY CHECK
🥇 GOLD: Around $4,024/oz, stabilising near a multi-month closing low after a sharp sell-off.
🥈 SILVER: Down 0.1% at approximately $54.49/oz.
🛢 CRUDE OIL:
🔺 Brent crude traded near $113/barrel, heading for a third consecutive weekly gain.
🔺 WTI crude remained above $99/barrel.
⚠️ Escalating Middle East tensions are raising concerns over potential supply disruptions and inflationary pressure.
🇮🇳 INDIA MARKET RECAP
🔻 Indian benchmark indices ended Thursday’s session lower amid broad-based selling, elevated crude oil prices and escalating geopolitical tensions.
📉 SENSEX: 73,249.39 | 🔻 460.30 points (-0.62%)
📉 NIFTY 50: 22,687.65 | 🔻 123.70 points (-0.54%)
🏦 BANK NIFTY: 54,925.70 | 🔻 51.20 points (-0.09%)
🎯 KEY FACTORS TO TRACK TODAY
🔴 Global Technology Sell-Off: Weakness in US technology stocks may weigh on sentiment.
🛢 Crude Oil Prices: Elevated oil prices remain a concern for inflation and India’s import bill.
🌍 Geopolitical Developments: Middle East tensions remain a key global risk factor.
🪙 Gold & Silver: Track price stability following the recent correction.
📊 Opening Trend: Monitor Nifty 50 and Bank Nifty price action after the opening before assessing the market’s direction.

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