Summary:
The Nifty 50 closed at 22,698.85 on October 28, down 50.90 points. Traders will watch support near 22,679 and resistance at 22,796.55 on October 29; a breakdown could expose 22,562.20 and 22,395.40 amid weak momentum across the broader daily trend.
What is the Nifty prediction for October 29, 2026?
The Nifty 50 ended Wednesday's trading session at 22,698.85, down 50.90 points or 0.22%. The benchmark opened at 22,678.00 and witnessed considerable intraday volatility, moving between a high of 22,778.05 and a low of 22,497.70. Although the index staged a recovery from its session low, it continued to trade below important daily moving averages, reflecting persistent weakness in the broader trend.
With Nifty hovering near the 50% Fibonacci retracement level of 22,679, the upcoming session could prove important in determining whether buyers can defend this support or bears regain control.
Market Breadth: Gains and Losses Remain Nearly Balanced
The Nifty 50 witnessed marginally positive market breadth on Wednesday, with 26 constituents closing higher against 24 stocks ending in the red. Sectoral performance remained mixed, although Nifty Auto, Consumer Durables and Media displayed relative strength.
The narrow difference between advancing and declining stocks suggests that buying interest remains selective. Despite the recovery from lower levels, the absence of broad-based participation indicates that market sentiment continues to remain cautious.
Nifty Technical Outlook: Immediate Resistance Seen at 22,796
From a technical perspective, Nifty continues to face challenges as it trades below its key daily exponential moving averages (EMAs), positioned near 22,737 and 22,812. These levels could act as immediate barriers during any recovery attempt.
The 38.2% Fibonacci retracement at 22,796.55 represents an important resistance zone. A decisive move above this hurdle could encourage further buying interest, potentially pushing the index towards 22,941.55, corresponding to the 23.6% Fibonacci retracement.
Beyond this, the horizontal resistance at 23,076.90 remains another important level to monitor.
On the downside, 22,679 serves as the immediate support and a key reference point for short-term price action. Failure to defend this level could increase selling pressure, bringing 22,562.20 and subsequently 22,395.40 into focus.
For company-specific earnings, order wins and corporate developments, see our stocks to watch today update.
Fibonacci Retracement: Can Nifty Defend the 50% Level?
The Fibonacci retracement levels, calculated using the swing low of 22,182.90 and swing high of 23,175.90, highlight 22,679 as a critical support zone for the benchmark index.
Wednesday's closing level of 22,698.85 places Nifty marginally above this midpoint, suggesting that the market is approaching an important technical juncture.
If buyers manage to protect the 50% retracement, the index could make another attempt to regain 22,796.55. A sustained breakout above this resistance would increase the possibility of an extension towards 22,941.55.
However, a convincing move below 22,679 could weaken the recovery structure and shift attention towards 22,562.20. Continued selling may eventually drag the benchmark towards the 78.6% Fibonacci level at 22,395.40.
Below this zone, the horizontal support at 22,221.85 and the previous swing low of 22,182.90 would become important downside reference points.
RSI Analysis: Intraday Strength Yet to Translate Into Broader Momentum
Momentum indicators present a mixed picture across different timeframes.
The daily Relative Strength Index (RSI) is currently at 44.90, remaining below the neutral threshold of 50. This indicates that the broader momentum structure has not yet shifted decisively in favour of buyers.
Meanwhile, the hourly RSI stands at 50.92, and the 15-minute RSI is positioned at 52.95. Both readings suggest a modest improvement in intraday buying momentum.
Nevertheless, the divergence between short-term and daily RSI readings indicates that the recent recovery has yet to develop into a convincing trend reversal. A sustained improvement in price action, accompanied by stronger daily momentum, would be necessary to reinforce the bullish case.
Nifty Outlook for October 29: Recovery Hinges on 22,679
The immediate outlook for Nifty remains delicately balanced, with 22,679 emerging as the most important level to watch in Thursday's trading session.
As long as the index holds above this Fibonacci support, a rebound towards 22,796.55 remains possible. Sustained strength beyond this hurdle could pave the way for a move towards 22,941.55, while a breakout above 23,076.90 would signal a more meaningful improvement in the technical structure.
On the other hand, a sustained decline below 22,679 could tilt the balance towards sellers, increasing the possibility of a fall towards 22,562.20 and 22,395.40.
With Nifty still positioned below its important daily moving averages and the daily RSI struggling beneath 50, the broader setup continues to warrant caution. Thursday's price action around the 50% Fibonacci retracement could offer important clues about the next directional move.
