Mumbai, Oct 29, 2025: Indian equity indices ended marginally lower in a volatile session on October 28, with the Nifty slipping below the 25,950 marks amid volatility linked to the F&O monthly expiry. Investors remained cautious ahead of key policy decisions from major global central banks for further market cues. At the close, the Sensex declined 150.68 points, or 0.18%, to settle at 84,628.16, while the Nifty slipped 29.85 points, or 0.11%, to end at 25,936.20. The broader markets were largely steady, with both midcap and small cap indices ending flat. Among sectors, Metal and PSU Bank indices advanced 1.2% each, whereas IT, Pharma, FMCG, and Realty sectors declined between 0.5% and 1%.

Nifty Outlook

The index formed a Doji candlestick pattern on the monthly F&O expiry day, characterized by a higher high and a lower low, underscoring heightened intraday volatility. Over the past four sessions, the index has been consolidating within a broad range of 26,100–25,600, thereby digesting the overbought conditions that emerged on the daily chart following a sharp 1,500-point rally over the previous four weeks. A decisive breakout above last week’s high of 26,100 would signal a continuation of the prevailing uptrend and pave the way for an extension towards 26,300 and subsequently 26,500 in the near term. On the downside, immediate support is seen in the 25,500–25,700 zone, which coincides with the 38.2% Fibonacci retracement of the recent advance (24,587–25,782) and the previous breakout level, making it a crucial demand zone. We maintain a constructive view on the index and expect pullbacks to be absorbed as buying opportunities within this support area.

Bank nifty Outlook

The index formed a bullish candlestick with a higher high and higher low, indicating a continuation of the pullback for the second consecutive session. Broadly, the index has been consolidating within a defined range over the past four sessions, suggesting a healthy pause within the ongoing uptrend. Going forward, a sustained move above last week’s high of 58,577 would confirm a breakout continuation, opening the door for an extension of the recent rally towards 59,000 and 59,300 levels, which align with the 138.2% Fibonacci projection of the preceding corrective decline (57,628–53,561). Conversely, inability to surpass last week’s high would likely lead to a range-bound consolidation between 58,600 and 57,300 in the near term. On the downside, immediate support is placed at 57,300–57,500, coinciding with the previous breakout zone, while a stronger demand base is evident near 56,800–56,500 levels. We maintain a positive bias and believe that intermittent dips should be utilized as buying opportunities within the established support zones.

Conclusion

The Indian stock market’s marginal decline on October 28 reflects a healthy consolidation phase after recent strong gains. Nifty’s Doji formation signals indecision but also potential for an upside breakout if global cues turn favorable. Meanwhile, Bank Nifty’s sustained strength highlights continued buying interest in financials. Analysts expect volatility to persist in the near term, but any pullback toward support zones is likely to attract fresh accumulation. With major global policy announcements on the horizon, traders are advised to maintain a stock-specific approach while keeping a bullish bias intact for the broader market trend.

Attributed to Bajaj Broking  | ConceptPR

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