Until the Nifty 50 achieves a decisive breakout and sustains above 26,100 — the key hurdle — consolidation amid rangebound trading may continue, with immediate support in the 25,800–25,700 zone.
The Nifty 50 could not sustain above 26,000 due to profit booking-led selling pressure, with a bearish crossover in momentum indicators signaling some caution in the short term. Until the index achieves a decisive breakout and sustains above 26,100 — the key hurdle — consolidation amid rangebound trading may continue, with immediate support in the 25,800–25,700 zone. Meanwhile, the Bank Nifty also looks structurally strong, but Thursday’s action signals some caution. The index is expected to trade in the 57,600–58,600 range in the short term; breaking either side can provide a firm direction, experts said.
On October 30, the Nifty 50 declined 176 points to 25,878, while the Bank Nifty dropped 354 points to 58,031. Market breadth turned negative as about 1,682 shares were dominated by bears, while 1,128 shares were supported by bulls.
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