The Nifty 50 experienced a decline of 0.7 percent on October 30, closing below the 26,000 mark following the Federal Reserve meeting. This downturn reflects a cautious sentiment among investors, suggesting that the index may enter a consolidation phase before potentially embarking on the next upward movement. If the Nifty remains under the 26,000 threshold, it could find support at 25,800–25,700, with 25,500 identified as a crucial support level. Conversely, a decisive move above 26,000 may unlock further growth toward the 26,100–26,300 range, according to market analysts.

Key technical indicators for the Nifty 50 highlight a mixed outlook. The index formed a bearish candle on the daily timeframe, falling below the 5-day EMA, signaling caution. Despite maintaining positions above short- and medium-term moving averages, the RSI has dipped to 64.14 with a bearish crossover, and the Stochastic RSI has also shown a negative crossover. While the MACD retains a bullish crossover, its histogram is gradually declining, indicating a potential loss of momentum. These signals suggest that traders should exercise caution in the near term, despite an overall positive trend.

Shifting focus to the Bank Nifty, similar trends were observed with a formation of a bearish candle and selling pressure at elevated levels. The Bank Nifty closed at 58,031, with resistance levels identified at 58,247, 58,326, and 58,452 based on pivot points. The index remains above key moving averages, but the RSI stands at 66.98, and both the Stochastic RSI and MACD indicate signs of weakness. Additionally, the maximum Call open interest for the Nifty was recorded at the 26,000 strike, indicating that this level will serve as a critical resistance point in the short term. As traders navigate these market dynamics, key support and resistance levels will be vital for identifying profitable opportunities.