Date 28.10.2026

Technical Summary Nifty CMP 22749.75

As discussed yesterday market behaviour remained on the expected lines during the day, as Driven by advancing bullish sentiment, the Nifty surged close to our breakout level of 22836, printing an intraday high of 22829.75. However, the index failed to sustain at those elevated levels, slipping to a session low of 22636.85. It staged a late recovery from the lows to finish flat, closing near its previous mark at 22749.75.

Furthermore, a small bullish spinning top candle appeared on the Nifty daily chart. Price rejection on both sides clearly suggests indecision regarding Nifty’s immediate direction. The failure to sustain intraday gains hints that buyers are losing momentum at higher levels, giving the bears a structural edge. Consequently, if the bears take control and force a decisive breakdown below 22670, Nifty could slide toward 22591 and 22513. If selling pressure intensifies further, the index is highly likely to test the 22433 support zone.

However, because this spinning top candle appeared immediately after a tweezer bottom pattern, it indicates a temporary pause before a potential continuation of the upward move. Consequently, if the bulls retake control and sustain this bullish sentiment, a decisive breakout above 22830 could trigger a rally toward 22908 and 22987. If buying momentum intensifies further, the index stands a strong chance of testing the psychologically important 23065 resistance zone.

Bank nifty

• Closed at 53,974.90, Down -391.80.60 points (-72%).
• Immediate Support: 53,750-53,700.
• Major Support: 53700-53,600
• Immediate Resistance: 54,150–54,300
• Major Resistance: 54,800-55,100
• A move above 54,300 may support a recovery, while a decisive break below 53,700 could extend

Open Interest Analysis

Nifty 50: An OI Put-Call Ratio (PCR) of approximately 1.01. The highest call OI is at 23,500, indicating a potential resistance zone, while the largest put OI is reported at 20,050; this distant strike should not be treated as immediate support. Near-term support should be assessed using put OI and change in OI around 22,500–22,000. Overall, positioning is relatively balanced, and fresh writing or unwinding around the near-ATM strikes will help confirm direction.

Bank Nifty: A PCR of approximately 0.89. The strongest call OI resistance is reported at 57,000, while put OI support is concentrated near 52,000. Call and put OI both increased during the latest session, suggesting fresh positions on both sides. The PCR below 1 indicates relatively call-heavy positioning, but

does not by itself confirm a bearish trend. Monitor near-ATM OI changes around 54,000–55,000 to identify more immediate support and resistance.

3.  Pivot Levels:

Classic pivot levels calculated from 27 October 2026 OHLC data.

4.  FII / DII Activity

• FII: a net buying of ₹4,240
• DII: a net selling of ₹1,250
• Foreign institutional buying provided support, but domestic institutional selling partly offset the inflow. Monitor whether this shift in flows continues during the session.

5.  International Cues

• US Market : Wall Street closed higher on Monday, led by technology stocks; the S&P 500 rose 0.7% and Nasdaq gained 0.8%
• Crude oil: Oil remains elevated amid Middle East tensions, increasing concerns about India’s import bill, inflation and corporate margins.
• US Federal Reserve: The policy decision due on Wednesday, 28 October, is a key global Investors will watch the rate decision and forward guidance.

Overall View:

 Indian markets ended mixed on Tuesday, with Nifty almost flat and Bank Nifty under pressure. FII buying is a supportive factor, but elevated crude oil and the upcoming US Fed decision could keep volatility high. Nifty needs to sustain above 22,830–22,900 for a stronger recovery, while Bank Nifty must reclaim 54,200–54,450 to improve its short-term outlook. Traders should focus on price confirmation, disciplined position sizing and predefined stop-losses.