On Thursday, Indian equity markets opened on a strong note, with benchmark indices extending their upward momentum amid positive global cues and renewed investor optimism. The Nifty 50 and Sensex both touched fresh 52-week highs during the session, buoyed by strong buying interest across major sectors and sustained domestic as well as foreign inflows.
Despite some intraday volatility and profit booking at higher levels, both indices managed to end the day in the green, reflecting the market’s overall bullish sentiment. Technical indicators further underscored the strength in the market, as both benchmarks remained well above their key moving averages, suggesting solid underlying support.
Market sentiment was further lifted by optimism surrounding the anticipated India–US trade deal and growing expectations of an interest rate cut by the U.S. Federal Reserve. Information technology and banking stocks led the rally, while energy, healthcare, and infrastructure sectors saw some profit-taking after recent gains. The broader market remained resilient, with several sectoral indices hitting new highs, even as select heavyweights experienced mild corrections. Overall, the trading session highlighted strong momentum and investor confidence, supported by robust global and domestic economic outlooks.
In this overview, we will analyse the key technical levels and trend directions for Nifty and BSE Sensex to monitor in the upcoming trading sessions. All the charts mentioned below are based on the 5-minute timeframe.
Nifty 50
(In this analysis, we have used 20/50/100/200 EMAs, where 20 EMA (Red), 50 EMA (Orange), 100 EMA (Light Blue), and 200 EMA (Dark Blue)).
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The Nifty 50 Index opened on a positive note at 26,057.2 on Thursday, up by 188.6 points from Tuesday’s closing of 25,868.6. The index had an overall bullish morning session and surged as high as 26,099.7 in the morning session, trading in the 25,950 to 26,100 range. Additionally, the Index stood above all four EMAs of 20/50/100/200 in the 15-minute time frame during the morning session.
In the afternoon session, the index hit a fresh 52-week high at 26,104.2, marking its intraday peak. However, it later slipped to the 25,850 level and continued to trade within the 25,850-26,150 range. During the afternoon session, the Nifty 50 was closed below the EMAs of 20/50 but remained above the EMAs of 100/200 in the 15-minute time frame. The Nifty’s immediate resistance level is at R1 (26,107), while immediate support levels are S1 (25,826), S2 (25,634), and S3 (25,437).
The Nifty index had reached a day’s high at 26,104.20 and saw a day’s low at 25,862.45. Finally, it had closed at 25,888.90, in green above the 25,850 level, gaining 20.3 points, or 0.078%. The Nifty 50 closed above all four EMAs of 20/50/100/200 in the daily time frame.
Momentum Indicators
RSI (Daily): The Nifty 50’s RSI stood at 72.69, which is in the overbought zone of 70, indicating a bearish sentiment and potential for a reversal.
Bollinger Bands (Daily): The index is trading in the upper band of the Bollinger Band range above the middle band (Simple Moving Average). Its position in the upper range indicates a bullish sentiment, and the Index took support near the 25,862 level and 26,104 level acted as a resistance. A sustained move above the middle band signals a bullish sentiment, while a drop back toward the lower band may reinforce bearish sentiment.
Volume Analysis: Thursday’s trading session had above-average volumes, which stood at 448.4 Mn.
Derivatives Data: Options OI indicates strong Put writing at 25,850, followed by 25,800, establishing it as a firm support zone. On the upside, a significant Call OI buildup at 26,000 and 26,100 suggests a potential resistance supply. PCR (Put/Call Ratio) stands at 0.8765 (<1), leaning towards bullish sentiment, and the Short-covering signals a short-term bullish signal, with an overall bullish outlook for the next trading session.
Bank Nifty
(In this analysis, we have used 20/50/100/200 EMAs, where 20 EMA (Red), 50 EMA (Orange), 100 EMA (Light Blue), and 200 EMA (Dark Blue)).
The Bank Nifty Index started the session on a positive at 58,314.55 on Thursday, up by 307.35 points from Tuesday’s closing of 58,007.20. The index was trading between the range of 58,100 and 58,600 in the morning session and surged as high as 58,577.5 marking its day high and trading at its all-time high in the morning session. In addition, the index was trading above all four EMAs of 20/50/100/200 in the 15-minute time frame.
In the afternoon session, the Index dragged down to the 57,981 level but later settled above the 58,000 mark. Further, the Index was trading in the range of 57,950 and 58,600, and ended in green. During the afternoon session, Bank Nifty closed below the EMAs of 20/50 but remained above the EMAs of 100/200 in the 15-minute time frame. The Bank Nifty’s immediate resistance level is at R1 (58,582), while immediate support levels are S1 (57,906), S2 (57,400), and S3 (57,083).
The Bank Nifty index had peaked at 58,577.50 and made a day’s low at 57,951.45. Finally, it had closed in green at 58,078.05, closing above the 58,050 level, gaining 70.85 points or 0.12%. The Relative Strength Index (RSI) stood at 76.64, entered the overbought zone of 70 in the daily time frame, and Bank Nifty closed above all four EMAs of 20/50/100/200 in the daily time frame.
Sensex
(In this analysis, we have used 20/50/100/200 EMAs, where 20 EMA (Red), 50 EMA (Orange), 100 EMA (Light Blue), and 200 EMA (Dark Blue)).
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The BSE Sensex Index also opened on a positive note at 85,154.15 on Thursday, up by 727.81 points from Tuesday’s closing of 84,426.34. The index started its session on a bullish note and was trading in the 84,800 and 85,300 range throughout the morning session and was above all four EMAs of 20/50/100/200 in the 15-minute time frame.
In the afternoon session, the Index lost its momentum and ended near the 84,476 level. The Index was trading around 84,400 and 85,300, maintaining its overall bullish trend and closing below the EMAs of 20/50 but remained above the EMAs of 100/200 in the 15-minute time frame. The BSE Sensex immediate resistance level is at R1 (85,283), while immediate support levels are S1 (84,245), S2 (83,703), and S3 (82,995).
The BSE Sensex index had peaked at 85,290.06 and made a day’s low at 84,445.25. Finally, it had closed at 84,556.40 in green, gaining 130.05 points or 0.15%. The Relative Strength Index (RSI) stood at 72.92, entered the overbought zone of 70 in the daily time frame, and the BSE Sensex closed above all four EMAs of 20/50/100/200 in the daily time frame.
India VIX
The India VIX increased by 0.44 points or 3.85%, from 11.30 to 11.73 during Thursday’s session. An increase in the India VIX typically indicates higher price volatility in the stock market, suggesting a less stable market environment. However, a stable market environment and minimal volatility are anticipated when the India VIX is below 15.
Market Recap – 23rd October 2025
On Thursday, the Nifty 50 opened on a positive note at 26,057.2, up 188.6 points from its previous close of 25,868.6. The index maintained upward momentum, hitting a 52-week high of 26,104.2, crossing above the 26,100 level for the first time since September 2024, before settling at 25,888.9, up 20.3 points (0.078%). The index stayed above all key moving averages (20/50/100/200-day EMAs) on the daily chart, signalling strong technical support.
The BSE Sensex mirrored the Nifty’s movement, opening higher at 85,154.15, up 727.81 points from its previous close of 84,426.34. It followed a similar trajectory, touching a 52-week high of 85,290.06, before closing at 84,556.4, up 130.05 points (0.15%). Both indices displayed strong momentum, with RSI values for the Nifty 50 at 72.69 and Sensex at 72.92, surpassing the overbought threshold of 70.
The Bank Nifty Index also ended in positive territory, rising 70.85 points (0.12%) to 58,078.05, after marking a 52-week high of 58,577.5. The upward move was primarily driven by optimism surrounding the India–US trade deal, robust domestic and foreign inflows, and positive global cues amid expectations of a US Federal Reserve rate cut.
The Nifty IT Index emerged as the top gainer, advancing 2.2% (778.9 points) to 36,078.65. Major IT stocks such as Infosys Ltd, HCL Technologies Ltd, TCS Ltd, and Mphasis Ltd gained up to 3.8%. The Nifty Private Bank Index also posted solid gains, climbing 0.5% (140.2 points) to 28,567.1, supported by strong performances from Bandhan Bank Ltd, IDFC First Bank Ltd, Axis Bank Ltd, and Kotak Mahindra Bank, which rose over 3.2%. The Nifty CPSE Index extended its winning streak for the third consecutive session, closing at 6,607.05, up 0.44% (28.75 points). Oil India Ltd surged 2.7%, while ONGC Ltd and Coal India Ltd recorded gains of up to 1.7%.
Conversely, the Nifty Oil & Gas Index was the major loser of the day, slipping 0.57% (-66.45 points) to 11,601.15. Hindustan Petroleum Corporation Ltd led the declines, dropping 3.23%, followed by Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and Reliance Industries Ltd, which fell up to 2.6%.
The Nifty Healthcare Index also closed lower at 14,986.65, down 49.30 points (0.33%), dragged by Fortis Healthcare Ltd (-4.41%), along with Cipla Ltd, Biocon Ltd, and Dr Reddy’s Laboratories Ltd, which slipped up to 1.11%. The Nifty Infrastructure Index ended in the red as well, falling 0.55% (-51.95 points) to 9,413.85.
Across Asian markets, sentiment was mixed on Thursday. Japan’s Nikkei 225 declined 1.31% (-636.79 points) to close at 48,671, while Hong Kong’s Hang Seng gained 0.51% (131.23 points) to finish at 25,913. Similarly, China’s Shanghai Composite edged up 0.22% (8.65 points) to 3,922.41, whereas South Korea’s KOSPI Index slipped 0.99% (-38.12 points) to 3,845.56. At 4:37 p.m. IST, U.S. Dow Jones Futures were trading 0.10% lower at 46,548.93, down 41 points.
Trade Setup Summary
The Nifty 50 opened on a positive note at 26,057.20 on Thursday and ended the session in the green above the 25,850 level at 25,888.90. A break below 25,826 could trigger further selling towards 25,634, while breaking the nearest resistance could lead towards the 26,107 level.
Bank Nifty also started the session on a positive note at 58,314.55 and ended the session in the green at 58,078.05, above the 58,000 level. A break below 57,906 could trigger further selling towards 57,400, while breaking the nearest resistance could lead towards 58,582.
Sensex also opened on a positive note at 85,154.15 and ended the session in the green at 84,556.40, above the 84,500 level. A break below 84,245 could trigger further selling towards 83,703, while breaking the next resistance could lead towards the 85,283 level.
Given the ongoing volatility and mixed sentiments, it’s advisable to avoid aggressive positions and wait for clear directional moves above resistance or below support. Traders should consider these key support and resistance levels when entering long or short positions following the price break from these critical levels. Additionally, traders can combine moving averages to identify more accurate entry and exit points.
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