Ashika Institutional Equities: Indian equity markets opened on a weak note on 30th Oct, with the Nifty 50 slipping below the 26,000 mark and coming under selling pressure. Globally, sentiment remained cautious after the U.S. Federal Reserve cut interest rates by 25 basis points, while signaling a potential pause in further easing for the remainder of the year.

At close, Nifty slipped 176 points or 0.68% to close at 25,877.85, while the Sensex fell 593 points or 0.70% to 84,404.46 on Sensex F&O monthly expiry day. On the broader market front, the losses were moderated as the Nifty Midcap 100 and Nifty Small cap 100 index fell 0.1 percent each. Sectoral performance was largely weak, with healthcare, financials, and pharma leading the decline. The Nifty Healthcare Index ,financial services and private banks dropped around 0.7% each. IT, FMCG, and auto also saw mild losses. Realty & Energy were the sole gainers, up 0.13% & 0.04% respectively as overall sentiment stayed subdued.

Bajaj Borking

Nifty Outlook 

The index formed a bearish candlestick pattern with a lower high and lower low signaling profit booking at higher levels near 26,100 levels. In the last six sessions, on expected lines Nifty has been moving sideways within a range of 26,100–25,700, and this consolidation is likely to extend. A breakout above 26,100 could push the index towards its previous all-time high of 26,277 and then to 26,500 in the near term. The broader market trajectory continues to exhibit a bullish bias, reaffirming that the primary uptrend remains firmly in place. The ongoing phase of consolidation is best interpreted as a healthy retracement and time correction following a sharp 1,500-point up move over the past four weeks. Strong support is seen around 25,700–25,500, which is likely to hold as it marks the recent breakout zone.

Also Read: US Federal Reserve Cuts Rates by 25 bps: Key Highlights

Bank Nifty Outlook

The index formed a small bear candle as it snapped its three sessions up move signaling profit booking at higher levels. Going ahead, a decisive move above last week’s high of 58,577 would confirm a breakout continuation, paving the way for a rally towards 59,000 and 59,300, which correspond to the 138.2% Fibonacci projection of the recent correction (57,628–53,561).

However, failure to clear this level may result in range-bound movement between 58,600 and 57,300 in the near term. On the downside, immediate support is seen around 57,300–57,500, aligning with the previous breakout zone, while a stronger support base lies near 56,800–56,500. Overall, the outlook remains positive, and any pullbacks should be viewed as buying opportunities within these support areas.