Nifty 50 and November Futures Exhibit Strong Positive Bias Amid Broad-Based Sector Gains

Nifty 50 opened slightly lower at 22,691 on October 29, 2026, but quickly gained ground to trade up 0.5 per cent at 22,820. Market breadth remained positive with a 35/15 advance/decline ratio, while November futures tested immediate resistance near the 22,900 mark.

The Nifty 50 began today's trading session at 22,691, slipping slightly from its previous close of 22,699. However, the index quickly reversed course, gaining momentum to trade at 22,820, marking an increase of 0.5 per cent.

Market breadth leaned clearly in favor of buyers, with an advance/decline ratio of 35 to 15, reflecting a broad bullish bias across the benchmark index. Power Grid Corporation of India and Adani Ports led the advancers, each posting gains of 3 per cent. On the downside, Trent emerged as the weakest stock among Nifty 50 constituents with a decline of 2.1 per cent, followed by Bajaj Auto, which fell 1 per cent.

Sectoral performance was largely positive, with nearly all major indices trading in the green. The exceptions were Nifty Auto, which dropped 0.4 per cent, and Nifty Cement, which edged down 0.1 per cent. Leading the sectoral gainers was the Nifty FMCG index with a 1.1 per cent increase, closely followed by the Nifty PSU Bank index, which rose 0.9 per cent.

Despite the overall positive inclination, the Nifty 50 and associated futures contracts face immediate technical hurdles ahead. Nifty November futures commenced the session with a gap-down at 22,740 compared to the previous close of 22,778. The contract recovered swiftly, trading at 22,900, up 0.6 per cent.

Market participants are closely monitoring the 22,900–22,950 resistance band. Technical analysis suggests that a decisive breakout above 22,950 could clear the path for a further rally toward 23,250. Conversely, if the contract encounters selling pressure at this barrier and falls, it could retrace to 22,700. A breach of the 22,700 support level risks pulling the contract further down to 22,540 and 22,480.

Overall market structure indicates a prevailing bullish bias, maintaining a high likelihood for testing and breaking the 22,950 resistance zone.

"The current market movement reflects underlying resilience, supported by broad participation across major sectors like FMCG and PSU banks. While the advance/decline ratio signals a clear bullish bias, traders must remain disciplined around key technical resistance bands such as 22,900 to 22,950. Managing risk through defined stop-losses and watching breakout levels will be crucial for navigating short-term market volatility effectively." — Dr. Shishir Gupta, Founder & CEO, StartupLanes