Nifty Index Technical Outlook for 29th October 2026

As predicted in the previous trading session, the Nifty 50 Index continued to trade sideways, witnessing selling pressure during the session followed by a recovery in the final trading hours. However, the index closed at approximately 22,698.85, marginally below the crucial pivot level of 22,700, keeping the market at a decisive technical juncture. The inability to sustain above this pivot indicates that bears continue to maintain control, while repeated recoveries from lower levels suggest buying interest near important psychological support at 22,500. For the upcoming trading session, a gap-up opening or a sustained breakout above 22,700 could provide bulls with a decisive edge, potentially triggering short covering by bearish traders and pushing the index towards immediate resistance at 22,800, followed by 23,000 and the major resistance at 23,200. However, failure to reclaim and sustain above 22,700 would keep the index vulnerable to renewed selling pressure, resulting in sideways-to-bearish price action. The immediate psychological support remains at 22,500, and a sustained breakdown below this level could accelerate selling towards 22,400–22,200. Until Nifty decisively reclaims 22,700, traders should remain cautious, with the prevailing market structure favouring range-bound movement and a sell-on-rise approach near resistance. Key Technical Levels: Resistance – 23,200 | Pivot – 22,700 | Support – 22,200. Trading Strategy: A sustained move above 22,700 may favour bullish momentum and short-covering opportunities, while rejection below the pivot could maintain bearish pressure. A breakdown below 22,500 would strengthen the downside risk. Confirmation through price action is essential before taking directional positions.