Technical View: Nifty at 13-month high, crossing 26,100 crucial for move towards record high; 58,600 key for further uptrend in Bank Nifty

Nifty outlook for October 30

The Nifty 50 bounced back above the 26,000 mark after a day of minor correction, closing at a 13-month high and marking a strong start to the November series on October 29. The index moved closer to the previous week’s high of 26,104, which remains crucial for a potential consolidation breakout. According to experts, if the index decisively clears this level, a move toward the record high of 26,277 could be seen in the upcoming sessions, followed by a 26,500 target. Immediate support is expected in the 25,900–25,800 zone.

The Nifty opened higher at 25,982, and after an initial hour of volatility, gained strength and sustained above the 26,000 mark for the remainder of the session. It soared 118 points (0.45 percent) to close at 26,054, marking its highest closing level since September 27, 2024, when it had achieved a record high.

On the daily charts, the index formed a bullish candle with a minor upper shadow, signaling a positive trend with minor profit booking at higher levels. The RSI rose to 72.43, while the MACD continued its upward journey with the histogram positioned above the zero line.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the overall bullish chart pattern indicates the possibility of a decisive breakout from the recent consolidation phase in the market.

“A sustainable upmove from here could open the next upside target of around 26,400–26,500 levels in the near term. Immediate support is placed at 25,800 levels,” he said.

The weekly options data suggested a medium-term target for the Nifty 50 at 27,000, with 26,200 and 26,500 serving as immediate targets—provided 26,000 continues to hold as a crucial support level.

The maximum Call open interest was observed at the 27,000 strike, followed by the 26,500 and 26,200 strikes, with maximum Call writing at similar levels. On the other hand, the 26,000 strike held the maximum Put open interest, followed by the 25,900 and 25,800 strikes, with maximum Put writing noted at the 26,000, 26,100, and 25,900 strikes.

The Bank Nifty also traded higher on Wednesday, rising 171 points (0.29 percent) to close at 58,385, extending its uptrend for the third consecutive session. The index formed a bullish candle with a minor upper and a long lower shadow on the daily timeframe, reflecting buying interest at lower levels and suggesting that bulls continue to defend key supports.

Importantly, the banking index managed to break above the 58,200–58,300 zone, which had acted as stiff resistance in the previous three sessions. Experts said that a sustained close above this zone can open the door for further upside in the near term.

The RSI stands at 74.19—indicating an overbought condition—though analysts believe there is still room for further upside before any meaningful correction sets in. Additionally, the ADX is rising, suggesting that the underlying trend is strengthening and supporting the case for continued upward momentum.

“The 58,400–58,500 zone will act as immediate resistance for the index. If the index manages to give a follow-through move above 58,500, the pullback can continue further toward the 59,000 level. On the downside, the 58,100–58,000 zone will act as a crucial support,” said Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities.

Meanwhile, the fear index India VIX remained near the 12 level, closing at 11.97, up 0.17 percent, extending its rise for the third straight day. However, it continues to remain in a comfort zone for the bulls.