Nifty Ends October Expiry Below 22,800 - Tradebulls Securities Pvt Ltd
Nifty
Nifty ended the October expiry series below 22800, failing to build on Monday’s rebound despite expiry-related volatility. The expiry-to-expiry chart has formed a narrow Doji, with the index trapped between its 5 MEMA and 50 MEMA, indicating indecision. The broader trading range is defined by 23350 on the upside and 22060 on the downside. A decisive breakout beyond either boundary could trigger significant position unwinding and set the direction for the November series, which can witness sharp moves in either direction. A sustained move above 22865, backed by improving market breadth and follow-through buying, is essential to extend the recovery towards 23100, with 23000 acting as a key hurdle. The 20 DEMA remains an immediate resistance. Conversely, failure to sustain above 22700 could drag the index towards 22500–22400. A decisive closing break below 22370 would invalidate the stabilisation attempt and expose Nifty to a sharper decline towards 22060. Elevated Brent crude near $116/barrel and uncertainty ahead of the US Federal Reserve’s policy decision remain key macro concerns. Nifty remains in a fragile stabilisation phase, with 22865 as the immediate recovery trigger and 22700 as the key near-term support. Avoid chasing intraday breakouts; seek a convincing close and follow-through before increasing directional exposure. Until resistance is reclaimed, maintain a defensive stance and prioritise capital protection.
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