Positive trend likely in the market today

Based on market closing on October 29 

In Tuesday's trading session, the Nifty index closed at 24,466.85, gaining 127.70 points or 0.52%. A positive 
bias is likely to persist if the index stays above the short-term support level of 24,450. The session began with a negative opening at 24,328.80, followed by an early drop to an intraday low of 24,140.80. However, Nifty later rebounded, reaching an intraday high of 24,484.50 before closing at 24,466.85. Banks, financial services, realty, and metals were the top-performing sectors, while auto, pharma, IT, and FMCG sectors lagged.

The market breadth was positive, with 1,730 stocks advancing, 1,064 declining, and 70 remaining unchanged. Key gainers included SBIN, BEL, Eicher Motors, HDFC Life, while Maruti, Tata Motors, Hero Motors Company and Dr Reddy  were among the top losers.

From a technical perspective, momentum indicators continue to reflect a negative trend, as Nifty remains below its short- and medium-term moving averages. However, the index formed a white candle on the daily chart, closing above the prior resistance at 24,450. This pattern hints at a positive outlook. Should the index trade and hold above the 24,450 level, this upward momentum could extend in the coming sessions. The nearest intraday resistance is set at 24,500.

Intraday levels: 

Support: 24,400, 24,300, 24,220

Resistance: 24,500, 24,600-24,700 (15-Minute Charts) 

Positional trading levels: 

Short-term support: 24,450 - 24,000

Resistance: 25,200 - 25,800

Bank Nifty technical outlook

In Tuesday's trading session, Bank Nifty closed at 52,320.70, gaining 1,061.40 points. Technically, 
momentum indicators are pointing toward a positive trend, and the index has closed above its short-
term moving averages. A long white candle was formed on the daily chart, with Bank Nifty closing above 
the previous resistance of 52,000, indicating potential for the uptrend to continue.

On the downside, Bank Nifty has intraday support at 52,100, while resistance lies at 52,400. A breakout 
above 52,400 could lead to further upside in the coming sessions; otherwise, the index may consolidate 
below this level for a few days.

Intraday levels (15-Minute Charts): 

Support: 52,100, 51,800, 51,550

Resistance: 52,400, 52,700, 53,000

Positional trading levels: 

Short-term support: 52,000–50,500

Resistance: 53,350–54,500