Trading Plan: Will Nifty 50 bulls hold fort for a sixth straight session, Bank Nifty break Monday’s peak?

Nifty Trading Plan for October 23

The Nifty 50 maintained its upward journey for the fifth straight session, continuing its higher high–higher low structure, and ended with moderate gains on Tuesday. According to experts, if the index decisively surpasses the 25,900–26,000 range in the upcoming sessions — given the healthy technical and momentum indicators — a rally toward the 26,200–26,300 zone is possible. However, support is placed at 25,700. Meanwhile, as long as the Bank Nifty sustains above the 57,800 support level, the index is likely to march toward the 58,500–59,000 zone, with 60,000 being a crucial resistance level, experts said.

On October 21, the Nifty 50 hit a day's high of 25,934 and a low of 25,826, before closing 25 points higher at 25,869, while the Bank Nifty finished at 58,007, down 26 points after seeing an intraday high of 58,156 and a low of 57,887. The market breadth remained in favour of bulls, as about 2,187 shares advanced against 578 declining shares on the NSE.

Nifty Outlook and Strategy

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty maintained its uptrend during the Muhurat trading session, although the range remained narrow due to the shortened trading hours. Overall sentiment stayed positive, with the index holding above the key 21 EMA. The RSI has moved into a strong momentum zone, suggesting further strength ahead. In the near term, the index could advance towards 26,000–26,200, while immediate support is seen at 25,700.

Key Resistance: 26,000, 26,200

Key Support: 25,700

Strategy: Buy Nifty October 25,900 strike Call at Rs 116, with a stop-loss of Rs 90, targeting Rs 155.

Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors

The Nifty is trading at a one-year high level. Now we are inching closer toward the 26,000 mark, after which minor profit booking is expected following more than an 800-point rally in just one week. As we enter the monthly F&O expiry week, we can expect volatility to be on the higher side. In the recent rally, NBFCs and banks are outperforming sectors, so one can look for buying opportunities on dips in them. Also, FIIs are back in buying mode, which is supporting overall sentiments.

On the hourly chart, since October 15, almost every candle has protected the prior candle’s low on a closing basis except for one instance, which suggests strength in the ongoing trend.

Key Resistance: 26,100

Key Support: 25,650

Strategy: Use dips as a buying opportunity with a stop-loss of Rs 25,730, targeting 26,000 followed by 26,100 levels.

Arun Kumar Mantri, Founder of Mantri FinMart

Nifty is in a strong bull run, trading well above the key support zones of 25,500–25,600 on the lower side, with firm underlying strength. The ongoing trend of the index is bullish, though some profit booking cannot be ruled out after the recent sharp up move.

Any dips towards 25,650–25,700 will be a good buying opportunity for short-term traders. Overall, we expect the markets to consolidate with a strong bullish bias in the broad range of 25,700–26,200 for the short-term time frame with a positive bias.

Key Resistance: 26,050, 26,180

Key Support: 25,700, 25,750

Strategy: Short-term traders can adopt a “buy on dips” approach in the markets towards 25,700 (spot levels), keeping a strict stop-loss below 25,600, targeting 26,050 and 26,150 levels.

Bank Nifty - Outlook and Positioning

Ashish Kyal, CMT, Founder and CEO of Waves Strategy Advisors

Bank Nifty has outperformed since the start of October 2025 by taking the lead compared to the Nifty and has made a lifetime high near 58,261 levels. In this rally, PSU banks were the top contributors, with State Bank of India acting as a showstopper. Now, private banks have started gearing up and are getting ready to enter the party, which is a positive sign.

Over the past 9 trading sessions, prices have protected the prior day’s low on a closing basis, which is a strong bullish sign. Post sharp rally, chances of profit booking cannot be ruled out, which will also give time for RSI to cool down.

Key Resistance: 58,500

Key Support: 57,300

Strategy: Use dips as a buying opportunity in Bank Nifty with a target of 58,300 followed by 58,500, with a stop-loss of 57,600 level.

Rupak De, Senior Technical Analyst at LKP Securities

The Bank Nifty remained subdued as limited trading activity during the shortened session kept volatility in check. However, the overall trend remains strong, with the potential to rise towards 58,500 and higher in the short term.

From a medium-term perspective, the weekly chart indicates a breakout from the previous swing high, which could take the index towards 61,000 in the next 1–3 months. In the coming days, any dips are likely to be bought into. Support is placed at 57,500–57,700 in the short term, below which the index may lose momentum.

Key Resistance: 58,500, 58,800

Key Support: 57,500

Strategy: Buy Bank Nifty October 58,200 strike Call above Rs 200, with a stop-loss of Rs 140, targeting Rs 340.

Arun Kumar Mantri, Founder of Mantri FinMart

Bank Nifty has been one of the key bullish performers in the recent past and is now trading at fresh time highs after the recent strong up move. In the short term, any minor pullbacks should be used as a buying opportunity for short-term long trades, with a stop-loss placed below support zones. The support for the index is around 57,400–57,450, while 58,350–58,450 will be the next resistance zones for the next 2–3 sessions.

Key Resistance: 58,450, 58,500

Key Support: 57,400, 57,450

Strategy: Aggressive traders may go long in the Bank Nifty Futures on dips around 58,100–58,200, keeping a strict stop-loss below 57,800, for the targets of 58,900–59,000 plus on the higher side.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.