Sensex Gain 130 Points, Nifty at 25,888; Tomorrow Nifty Prediction
Market Recap: Indices End with Modest Gains — What Lies Ahead for October 24
Indian equity markets closed with modest gains on Wednesday, October 23, after a highly volatile session that saw both benchmark indices swinging between gains and losses. Despite early optimism, profit-booking in select heavyweight stocks capped the overall upside. Nonetheless, positive sentiment in global markets, coupled with robust institutional inflows, helped the indices end the session slightly in the green.
At the closing bell, the BSE Sensex rose 130.06 points, or 0.15%, to settle at 84,556.40, while the NSE Nifty 50 gained 22.80 points, or 0.09%, to finish at 25,891.40. The market breadth, however, leaned towards the negative, with 1,692 stocks advancing, 2,299 declining, and 121 remaining unchanged, reflecting underlying caution among investors.
The broader markets underperformed the benchmarks. The BSE Midcap Index ended marginally lower, while the Smallcap Index slipped 0.4%, indicating some profit-taking after recent strong performances in mid- and small-cap counters.
Sectoral and Stock Highlights
On the sectoral front, the market presented a mixed picture. The Nifty IT index extended its decline, losing around 2%, weighed down by weakness in leading IT majors amid concerns over global tech spending and a stronger rupee. The private bank index fell 0.5%, while the oil and gas index declined 0.6%, tracking subdued crude oil prices and muted investor interest in energy counters.
Among individual gainers, Infosys, HCL Technologies, TCS, Shriram Finance, and Axis Bank were the top performers on the Nifty, providing crucial support to the index. On the other hand, Eternal, InterGlobe Aviation, Bharti Airtel, Tata Consumer Products, and Eicher Motors emerged as the major laggards, exerting pressure on the broader market.
During the session, the Sensex surged as much as 864 points, or 1.02%, to hit an intraday high of 85,290.06, while the Nifty 50 briefly crossed the 26,000 mark, touching an intraday high of 26,104.20. However, both indices surrendered a large portion of their early gains by the end of the day as investors opted to book profits at higher levels, signaling hesitation to chase the rally further without fresh triggers.
Market Prediction: What to Expect on October 24
Market experts believe that while the short-term trend for Indian equities remains constructive, some consolidation or sideways movement may occur in the coming sessions as investors digest global cues and await new data points.
According to Puneet Singhania, Director of Master Trust Group, the 25,400–25,500 zone continues to act as a crucial support area for the Nifty. “This level has formed a solid base for the index, supported by strong investment inflows and resilient domestic sentiment. As long as the Nifty holds above this support, the overall market tone remains positive,” he noted.
Adding a technical perspective, Rupak Dey, Senior Technical Analyst at LKP Securities, highlighted that the Nifty lost most of its intraday gains and formed a large red candle on the daily chart. “This pattern indicates that a retest of the 25,700 level is possible in the next few days,” he said. However, he maintained that the broader short-term structure is still bullish. “If the Nifty manages to move past 26,000, it could open the door for a rally towards 26,200 in the next 10–15 days,” he added.
From a slightly cautious standpoint, Ponmudi R, CEO of Enrich Money, believes that the market may witness a period of short-term consolidation or range-bound action. “Investors are likely to take a pause as they await clarity from global macroeconomic indicators and corporate earnings announcements. As long as the Nifty remains above 25,800 and the Bank Nifty stays above 58,000, the broader market trend should remain upward,” Ponmudi said.
Technical Indicators and Options Data
Technically, the Nifty continues to maintain a bullish undertone despite the late-session weakness. The index’s ability to hold above 25,800 will be crucial in determining the next directional move. Immediate resistance is now seen at 26,000, followed by 26,200–26,300. A decisive breakout above 26,000 could spark fresh buying interest and lead to a move towards new record highs in the near term.
On the downside, traders will be watching the 25,700–25,800 range closely as a strong demand zone. A breach below these levels may trigger profit-booking and drag the index lower towards 25,600, where additional support is expected.
Options data also provides valuable insights into the current market sentiment. There is heavy call writing at the 26,200–26,300 strike levels, suggesting that traders anticipate resistance around this zone. Meanwhile, strong put writing has been observed near 25,700–25,800, reflecting confidence that these levels will act as a support base. This positioning indicates that the Nifty may consolidate within this 25,700–26,300 band before attempting a clear breakout in either direction.
Global and Domestic Factors to Watch
Going into October 24, market participants will likely take cues from global equity trends, movement in U.S. Treasury yields, and crude oil prices. Recent geopolitical tensions and fluctuations in global bond markets have contributed to volatility across emerging markets, including India. However, the Indian economy’s strong macro fundamentals, steady corporate earnings growth, and resilient domestic demand continue to lend support to investor confidence.
Additionally, foreign institutional investors (FIIs) have been net buyers in recent sessions, suggesting renewed optimism about Indian equities. Domestic institutional investors (DIIs) have also remained active, cushioning the market from global uncertainties.
Back home, traders will be watching sector-specific trends, especially in IT, banking, and energy stocks, as these segments have seen heightened volatility in recent weeks. The performance of global technology stocks and U.S. economic data releases could further influence investor sentiment in the IT sector, while banking stocks will react to Q2 earnings and liquidity data.
Final Thoughts
In summary, the Indian stock market ended October 23 with modest gains after a session marked by sharp intraday volatility. While the benchmarks continue to display resilience, the market appears to be entering a phase of short-term consolidation. With key support for the Nifty at 25,700–25,800 and resistance around 26,000–26,300, traders are likely to adopt a cautious but optimistic stance heading into October 24.
Overall, as long as the Nifty sustains above its crucial support zones and global conditions remain stable, the medium-term outlook for Indian equities remains positive. A sustained move above 26,000 could reaffirm bullish momentum and set the stage for a potential move towards 26,200–26,300 in the coming days.
