Market Bounces Back: Nifty and Bank Nifty See Positive Start, Key Levels to Watch This Week

The stock market saw a strong rebound on October 28 after a tough week, giving investors hope as the new week begins. The Nifty 50 came close to 24,500 during intraday trading, a crucial resistance point for the coming sessions. If it stays above this level, experts say it could climb to 24,700–24,900. On the downside, 24,000 is seen as a major support level. Similarly, the Bank Nifty rose above 51,000, with a potential to hit 51,500–52,000 if it can hold steady, while 50,400 remains the main support.

On Monday, the Nifty 50 gained 158 points to finish at 24,339, and the Bank Nifty climbed 472 points to end at 51,259, showing improved sentiment. Around 1,730 stocks advanced on the NSE, while 817 declined.

Nifty Outlook and Strategy

Jay Thakkar, ICICI Securities:
Nifty turned positive after a five-day dip, showing short-term support between 24,000–24,100. If this range holds, it could bounce back to 24,560, 24,710, and even 24,860 in the short term. Key resistance is at 24,500 with 24,000 as strong support. The Put Call Ratio (PCR) is at 0.85 after bouncing back from oversold, with a max pain point at 24,500. Ideal strategy: buy on dips near 24,200–24,250 with a stop-loss at 24,000 and target 24,500–24,800.

• Resistance: 24,500, 24,600, 24,800
• Support: 24,200, 24,000
• Strategy: Buy near 24,200-24,250, target 24,500-24,800.

Mehul Kothari, Anand Rathi:
After a tough week, Nifty 50 had a decent gain. Moving above 24,500 would indicate a short-term trend shift, with possible upside to 24,800. If it falls below 24,000, expect more selling pressure.

• Resistance: 24,500, 24,700
• Support: 24,300, 24,000
• Strategy: Buy Nifty Futures at 24,500 with stop-loss at 24,350; target 24,800.

Santosh Meena, Swastika Investmart:
Nifty is rebounding from 24,000–23,900 but faces key resistance between 24,600–25,000. A strong close above 25,000 confirms a recovery; otherwise, a drop to 23,500 may happen.

• Resistance: 24,600, 24,850, 25,100
• Support: 24,075, 23,900, 23,500
• Strategy: Buy with stop-loss at 24,075 for targets 24,700–24,900 or sell near 24,700 with stop-loss at 24,900.

Bank Nifty Outlook and Positioning

Jay Thakkar, ICICI Securities:
Bank Nifty is in a range between 50,400 and 52,000. MACD shows a bearish signal, but oversold levels could bring recovery soon. Current support is at 50,400 and resistance at 51,500. Strategy: Buy on dips near 51,000 with a target of 51,500–52,000.

• Resistance: 51,500, 52,000
• Support: 51,000, 50,400
• Strategy: Buy near 51,000, target 51,500-52,000.

Mehul Kothari, Anand Rathi:
Bank Nifty hit 51,250, showing a double-top near 51,500. Moving above this level could lead to more short covering. The key downside level is 50,400.

• Resistance: 51,500, 52,000
• Support: 51,000, 50,400
• Strategy: No trade.

Santosh Meena, Swastika Investmart:
Bank Nifty may establish support around 50,400 but must break through 51,600–52,000 to gain upward momentum. Falling below 50,400 could see a move to 49,600.

• Resistance: 51,600, 51,800, 52,600
• Support: 51,000, 50,400, 49,600
• Strategy: Aggressive buy near 50,400, target 52,600.

Sources: MoneyControl,Internet Sources & Twitter X

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