Nifty 50 Outlook for 30 October 2026
NIFTY 50 established a short-term uptrend, creating a higher high and higher low sequence after breaking above 23830. The index closed above the 20-day EMA, which is now sloping higher after today’s strong bullish move. The market breadth continued to improve, with the number of stocks trading above the 20-day EMA being higher when compared to the past 8 days' data. This uptrend seems to continue until a break of the higher high and higher low structure is established. However, the index will try to test resistance from the 50-day EMA and previous swing high around 23160 and 23180. The higher low of 22799 in the ongoing rally holds the key for the continuation of this rally.
As far as the derivatives positioning is concerned, aggressive long buildup along with short covering was seen after many days. However, on a move above 23000, more short covering will be seen. Clearly, the bulls have an upper hand over the bears now.
Key Resistances: 23000 and 23120
Key Supports: 22830 and 22660
Strategy: Buy Nifty (Spot level) on dips around 22890 with a stop-loss of 22790, targeting 23040
ADITYA THUKRAL, PROPRIETOR, AT RESEARCH AND RISK MANAGERS
SEBI Registered Research Analyst INH000013794