Indian Stock Market Set for Mild Gains on October 29
The Indian stock market is anticipated to open higher as GIFT Nifty indicates positive momentum despite recent volatility.
GIFT Nifty suggests a positive opening near 22,750 for Indian markets.
Benchmark indices Sensex and Nifty closed lower on October 28 due to selling pressure.
Technical analysts highlight key support and resistance levels for future trading.
On October 29, 2026, the Indian stock market is expected to open on a positive note, buoyed by GIFT Nifty's indication of a higher start around 22,750. This comes after a turbulent trading session on October 28, where the Sensex fell by 352 points, closing at 73,246.03, while the Nifty settled below the 22,700 mark. The market's performance was influenced by selling pressure in IT stocks and heavyweight Reliance Industries, alongside rising crude oil prices and cautious sentiment ahead of the US Federal Reserve's policy decision.
The previous trading day saw the BSE Sensex experience significant fluctuations, opening in the red and hitting an intraday low of 72,603.57 before recovering slightly. Analysts noted that the market's decline was exacerbated by geopolitical uncertainties and the Fed's decision to maintain interest rates, leading to a cautious trading atmosphere. Ajit Mishra from Religare Broking remarked on the volatile nature of the market, indicating that the Nifty's performance around the 22,698 level reflects ongoing uncertainty.
Currently, GIFT Nifty is trading at approximately 22,766, suggesting a potential positive opening for Indian indices. Technical analysts, including Sachin Gupta from Choice Equity Broking, have identified the 72,600–73,000 zone as immediate support, while resistance is noted around 73,500–73,800. Gupta emphasized that a sustained move above resistance could signal a recovery, whereas a drop below support might lead to further declines.
The Nifty 50 is also seen as range-bound, with key support at 22,500 and resistance at 22,800, according to Vatsal Bhuva from LKP Securities. He highlighted the importance of these levels for traders, especially in light of rising crude oil prices and US Treasury yields. The cautious outlook suggests that traders should align their strategies with the prevailing market trends.
Looking ahead, market participants will closely monitor the upcoming sessions for any decisive movements. The focus will remain on key support and resistance levels, as well as external factors such as crude oil prices and US economic indicators. Investors are advised to remain selective in their trading approaches until clearer trends emerge.
