The momentum in the Indian stock market continues to show strength as the Nifty 50 has surpassed the crucial 26,000 mark for the first time since September 27, 2024. This significant milestone is crucial for sustaining an upward trajectory toward levels of 26,300 and 26,500. To maintain this bullish trend, the index must consistently defend its position above 26,000, with key support identified between 25,900 and 25,800. Meanwhile, the Bank Nifty is also on the rise, aiming to stay above the 58,000 zone to target higher levels of 58,500 to 59,000, while support is expected at 57,600.

On October 29, the Nifty 50 recorded an intraday movement between 26,098 and 25,960, concluding the day at 26,054, a gain of 118 points or 0.45 percent. The Bank Nifty also saw an uptick, closing at 58,385 after climbing 171 points or 0.29 percent. The market breadth favored the bulls, with 1,821 shares gaining against 996 declining shares on the NSE, indicating a healthy appetite for stocks among investors.

Technical analysts are optimistic about the Nifty's performance moving forward. Sudeep Shah from SBI Securities highlights a decisive breakout from a downward trendline, signaling a strong bullish sentiment. The index's ability to regain strength after minor pullbacks suggests a solid foundation for further gains, with potential targets of 26,300 and 26,500 in sight. Rupak De from LKP Securities echoes this sentiment, noting the strong technical setup that supports continued upward movement. However, he cautions that initial support is critical at 25,850, with a slip below this level possibly leading to a consolidation phase. Overall, the outlook for both indices remains positive, driven by strong investor confidence and technical indicators favoring continued growth.