On October 29, 2026, the NIFTY50 index is likely to experience a range-bound trade between 22,500 and 22,800 levels. This expectation comes as GIFT NIFTY futures indicate a muted start for the day, reflecting cautious market sentiment amid mixed global cues and recent earnings results.
- NIFTY50 closed near its 20 and 50 hourly exponential moving averages (EMA), suggesting short-term range-bound trading.
- GIFT NIFTY futures traded 26 points lower, signaling a subdued opening.
- Global factors include Brent crude oil prices near $114 per barrel and mixed Asian market performance.
- US markets showed minor gains after the Federal Reserve held interest rates steady, but NASDAQ futures declined following weaker earnings from Alphabet Inc.
- Key support and resistance levels for NIFTY50 are 22,500 and 23,000 respectively, with open interest data highlighting strong resistance at 23,000 calls and support at 22,500 puts.
What Does the Hourly Chart Indicate for NIFTY50?
The hourly charts reveal that NIFTY50 closed near the 20 and 50 EMA, which typically signals a period of consolidation or range-bound trading. This suggests that in the short term, the index may fluctuate between 22,500 and 22,775 points without a clear directional trend. The lack of bullish activity at higher levels negated a positive crossover seen earlier, indicating that buyers are hesitant to push prices higher at this stage.
How Are GIFT NIFTY Futures Influencing Market Sentiment?
GIFT NIFTY futures traded 26 points lower on the morning of October 29, pointing to a muted or cautious start for the NIFTY50 index. Futures prices often reflect investor expectations, and this decline suggests that traders are awaiting further cues before committing to strong positions. The subdued futures movement aligns with the overall indecision seen in the market.
What Global Factors Are Affecting NIFTY50's Performance?
Several global factors are impacting market sentiment. Brent crude oil prices hovered near $114 per barrel as investors assess ongoing diplomatic efforts to resolve tensions in the Middle East. Meanwhile, US stock markets closed slightly higher after the Federal Reserve maintained interest rates between 3.75% and 4.00%. However, NASDAQ 100 futures fell by over 1% following weaker-than-expected earnings from Alphabet Inc.
In Asia, markets showed mixed results. The Korean KOSPI index dropped more than 2% after a significant gain the previous day, indicating profit booking. Conversely, Japanese indices extended gains for a third consecutive day, rising by 0.2%.
What Are the Key Support and Resistance Levels for NIFTY50?
The daily chart of NIFTY50 formed a doji candlestick pattern, which signals market indecision. This pattern suggests that the index could continue to trade within a range. Analysts expect the index to move between 22,500 and 22,800 points, with a potential to reach 23,000 on the upside if a breakout occurs.
Open interest data for the upcoming weekly expiry supports this range. The highest open interest is seen at 23,000 call options, indicating strong resistance at this level. On the downside, 22,500 put options hold the highest open interest, marking significant support. A breakout above or below this range will provide clearer direction for traders.
What Should Traders Keep in Mind?
Derivatives trading involves significant risks and should only be undertaken by those who fully understand these risks and use appropriate risk management strategies such as stop losses. The information provided here is for educational purposes and does not constitute a recommendation to buy or sell any securities or strategies.
