The Nifty 50 rose 0.5% to 22,820 on October 29, 2026, supported by gains in power and logistics stocks. Nifty November futures are currently testing a resistance range between 22,900 and 22,950. While overall market breadth remains positive, the auto and cement sectors experienced minor selling pressure.
The Nifty 50 index traded at 22,820 on October 29, 2026, recording a 0.5% increase during the session. The breadth of the market was positive, with 35 stocks advancing against 15 decliners. This ratio suggests that the current move has broader participation across the index constituents rather than being limited to a few heavyweights.
Power Grid Corporation of India and Adani Ports led the index gains, with both stocks rising by approximately 3%. On the other hand, profit booking affected other segments, as seen in Trent and Bajaj Auto, which recorded losses of 2.1% and 1%, respectively.
Sector performance reflected a preference for specific value and consumption-driven segments. The Nifty FMCG index rose 1.1%, and the Nifty PSU Bank index gained 0.9%. Conversely, the Nifty Auto and Nifty Cement indices faced pressure, falling 0.4% and 0.1%, respectively. This performance shows that capital is moving toward defensive and banking stocks while remaining cautious in auto and cement.
Technically, Nifty November futures are at a junction. After opening with a gap-down at 22,740, the contract recovered to reach 22,900. Traders are now monitoring the immediate resistance band defined by the 22,900 to 22,950 range. A decisive move above 22,950 is required for the index to target higher levels, such as 23,250.
Investors should note the risks associated with these levels. If the index fails to break through this resistance, a retreat to the 22,700 support level is possible. A decline below this support would likely bring further downward pressure, with the next potential support levels near 22,540 and 22,480. The consistency of the current rally will depend on whether the index can maintain its support levels and clear the immediate technical hurdles.