Nifty is stuck in a 'waiting game'—here is why the 22,800 breakout is the only move that matters.
Executive Brief • Key Highlights
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- ✓The Nifty 50 fell 0.22 percent on October 28, ending the session at 22,699.
- ✓Experts said, "A decisive move above 22,800 is likely to bring renewed buying participation in the market." The index faced resistance near 22,812.
- ✓Until it breaks this level, the market will likely stay in a consolidation phase.
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- MARKET
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- Moneycontrol
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- 4 Minute(s)
- Market Focus
- India Economy
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The Nifty 50 traded lower for almost throughout the session and ended down 0.22 percent on October 28, marking a negative start to the November series. The index faced resistance near the 20-day EMA (22,812) for another session, which is expected to be a crucial zone for further upside in the short term toward 23,000–23,200. Until then, consolidation and range-bound trading could continue, with 22,500–22,400 providing support, as a drop below it may drag the index toward 22,200, according to experts.
Overall, the broader market structure continues to be weak as the index sustained below all key moving averages. The RSI fell to 44.90 amid consolidation but held above the signal line. The MACD also sustained above the reference line, but the green histogram bar shrank for the sixth consecutive session.
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