Nifty Outlook for 16-Oct-2026 looks Bullish

The Nifty 50 index registered a massive surge on 15 October 2026, jumping 1.66% (+374.65 points) to close at 22,997.35. Driven by short covering and an aggressive intraday rally, the index scaled an intraday high of 23,056.40 before stabilizing right under the key milestone mark of 23,000. The Hourly MACD Histogram above zero and the Daily MACD Histogram above zero indicates a Bullish Trend. The Daily RSI 14 at 49.94 indicates a Neutral to bearish trend as the RSI 14 is still below the midline 50 levels. But, the Hourly RSI 14 above 60 Indicates a bullish trend. Thus the overall trend of Nifty looks bullish, and the buyers are in control over the markets. Buy on dips would be the best strategy to deploy for today’s market considering the overall trend of Nifty. We may expect a change in trend only if the price sustains below the support level. Can Initiate selling only if prices continue to sustain below the support level. I have provided Nifty Spot resistance and support levels which would help you learn in taking informed trading decisions using these levels and understand how support and resistance levels work in financial markets. Nifty Spot Resistance 1 - 23105 Resistance 2 - 23130 Support 1 - 22865 Support 2 - 22835 Happy Learning, Happy Trading and have a wonderful day Top Gainers : TECHM, ICICIBANK, RELIANCE. Top Losers : NESTLEIND, ADANIENT, TRENT.