Nifty 50 Outlook for 28 October 2026
NIFTY 50 moved upwards in a corrective structure and resisted near the 20-day EMA. Now, the intensity of the fall will be key if the index has to fall further. If it’s not falling with high intensity, it could turn sideways for a few days before moving in one direction; however, the larger trend remains down. During this bounce, the short-term market breadth improved a bit; whether this could sustain and further improve, would be seen in the coming days. Yesterday’s low of 22636.85 remains crucial, as below it, things would turn bearish and further weakness will be seen below 22520.
As far as the derivatives positioning is concerned, writers were both active, creating positions in CE and PE options, and the positioning suggests they are awaiting the direction of the markets, so they could create positions aggressively. They are anticipating a sideways to weak trading session based on current positioning.
Key Resistances: 22830 and 22950
Key Supports: 22600 and 22450
Strategy: Sell Nifty (Spot level) on dips around 22760 with a stop-loss of 22860, targeting 22610
ADITYA THUKRAL, PROPRIETOR, AT RESEARCH AND RISK MANAGERS
SEBI Registered Research Analyst INH000013794
Refer to the disclaimer: