Daily Morning Report – 29/10/2026

Date 29.10.2026

Technical Summary Nifty CMP 22698.85

As discussed yesterday market behavior remained on the expected lines during the day, as bears took advantage of the losing momentum by buyers. The Nifty opened negative at 22678, effectively testing the waters near our critical breakdown level of 22670. From there, the index witnessed strong selling pressure and slid accurately toward our anticipated target of 22513, ultimately registering a daily low of 22497.70. However, strong responsive buying emerged at these lower levels, allowing the index to stage a significant intraday recovery and settle at a final daily close of 22698.85

Further a dragonfly doji kind candle appeared on daily chart of nifty suggest This structure highlights a sharp intraday recovery, proving that aggressive buying interest emerged at lower price levels. If this upward momentum sustains, a decisive breakout above immediate resistance of 22777 will unlock further near-term upside up to 22855 to 22933. If fresh demand accentuates, the index is positioned to test the psychological 23010 milestone.

Furthermore the Nifty index has faced persistent overhead resistance, with sellers capping buyers’ attempts to register new highs over the past four trading sessions. This consistent pattern indicates a strong distribution zone and selling pressure at higher levels. If the bears re-strike and trigger a decisive breakdown the immediate support of 22621, the index is vulnerable to a slide toward 22543 and 22465. Furthermore, if supply accentuates nifty has a strong probability of testing the lower extension level 22387.

Bank nifty:

• Closed at 54,267.40 Up +292.50 points (+0.54%).
• Immediate Support: 54,000-53,800.
• Major Support: 53,650-53,500
• Immediate Resistance: 54,450–54,600
• Major Resistance: 54,900-55,000
• Sustaining above 54,600 could strengthen recovery, while a break below 53,800 may renew selling

Open Interest Analysis:

Nifty 50: For the weekly expiry on 3 November 2026, the 28 October option-chain snapshot showed a PCR of approximately 1.04 and max pain near 22,700. The largest call OI was at 24,000 and the largest put OI at 20,050, both distant from spot; therefore, they should not be treated as immediate trading levels.

Bank Nifty: For the 23 November 2026 expiry, the latest available snapshot showed PCR around 0.94, max pain near 55,500, and notable call-side resistance at 55,000. The major put-OI support shown was at 52,000, which is distant from spot.

3.  Pivot Levels:

Classic pivot levels calculated from 28 October 2026 OHLC data.

4.  FII / DII Activity:

• FII: a net buying of ₹872
• DII: a net selling of ₹643
• Both foreign and domestic institutions were net buyers on Wednesday, offering some support to sentiment despite the Nifty decline.

5.  International Cues:

• US Market: The S&P 500 rose 3%, the Dow Jones gained 0.2%, and Nasdaq advanced 0.3% on Wednesday after the Federal Reserve kept interest rates unchanged.
• Crude oil: Brent crude hovered near $115 per barrel, increasing concerns about India’s import bill, inflation and corporate costs.
• US Federal Reserve: Rates were held steady; inflation and the outlook for future policy remain important for global equity markets

Overall View:

Indian markets remain cautious, with Nifty under pressure from IT weakness and elevated crude oil prices, while Bank Nifty showed a recovery. Positive institutional flows and steady US markets offer some support, but global uncertainty may limit upside. Nifty needs to reclaim 22,800–22,820 to strengthen recovery, while Bank Nifty should sustain above 54,450–54,600. Traders should watch key support levels, confirm breakouts and maintain strict risk management.

By ASHOK BHANARI | SEBI REGISTERED REASERCH ANALYST | REG. INH000019594