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Stock market recap: Domestic benchmark equity indices, Nifty 50 and Sensex, wrapped up on a positive note, in anticipation of the US Federal Reserve's interest rate decision, reflecting the upward movement of their global counterparts during Wednesday's trading session. A potential US-China trade agreement has improved market sentiment.

The Nifty 50 rose 0.45% to end the day at 26,053.9, while the Sensex gained 0.44% to hit 84,997.13. Both major indices closed just under 1% from their all-time highs set in September 2024.

The market's optimism was fuelled by major players like Reliance Industries, HDFC Bank, NTPC, Adani Ports, Power Grid, HCL Tech, and Tata Steel, which experienced gains of up to 3% in intraday trading.

Mid-cap and small-cap indexes saw increases of 0.6% and 0.4%, respectively.

Indian equities ended higher on October 29, 2025, with Nifty 50 gaining 0.45% to close at 26,053.90, marking a steady recovery from early weakness. The index traded between 25,960 and 26,098 throughout the session, supported by firm global cues and sustained buying in defensives. Sensex advanced modestly in tandem. Market breadth remained broadly positive, with 1,984 stocks advancing, 1,128 declines, and 91 unchanged, indicating underlying strength across segments. Sectorally, FMCG (+0.9%), Oil and Gas (+2.1%), and Metals (+1.7%) led the rally, while Auto (-0.7%) was the lone notable laggard on profit booking. Financials and IT posted mild gains, reflecting rotational buying.

Nifty 50 continued to exhibit technical strength, forming a higher-low on the daily chart and maintaining levels comfortably above all its key moving averages, underscoring a firmly bullish market structure. The recent breakout from a long-term descending trendline, drawn from prior swing highs, signals a potential shift into a higher trading range. Momentum indicators reinforce this constructive setup: the RSI, currently at 72, reflects strong upward momentum but also hints at overbought conditions, suggesting the possibility of short-term consolidation. Meanwhile, the MACD remains positioned above its signal line with an expanding spread, highlighting persistent buying interest and underlying market resilience.

According to O'Neil’s methodology of market direction, the market status has shifted to a "Confirmed Uptrend" as it decisively surpassed its previous rally high of 25,670 to register a new 52-week.

The index continued its bullish momentum and successfully closed above the psychological 26,000 mark, reaffirming its upward bias. On the technical front, Nifty now faces a key resistance zone between 26,000 and 26,300. A decisive breakout above this range could pave the way for new all-time highs. On the downside, immediate support is placed at 25,400, while a stronger base near 25,000 continues to underpin the broader uptrend. The overall market structure remains constructive as long as the index sustains itself above 25,400, a crucial breakout zone aligned with the downward-sloping trendline.

Bank Nifty opened on a positive note and, after a brief phase of profit booking, witnessed strong buying interest from lower levels, propelling the index back into positive territory. It opened at 58,316.25, touched an intraday high of 58,469.90, and a low of 58,087.05, before closing firmly at 58,385.25. On the daily chart, the index formed a bullish candle with a higher-high and higher-low price structure, reaffirming the ongoing uptrend. It continues to trade comfortably above all its key moving averages, reflecting strong underlying momentum and no visible signs of weakness in the current setup.

The relative strength index (RSI) currently stands at 74, indicating that the index has entered the overbought zone. While this signals strong underlying momentum, it also suggests the possibility of short-term consolidation or minor profit booking. The MACD continues to trade in the positive territory, with the MACD line positioned above the signal line, reinforcing the bullish bias. Although the histogram shows signs of flattening, the overall momentum remains intact, suggesting that buyers are still in control despite slightly moderating momentum.

From a technical standpoint, immediate support for the index lies near 57,500, followed by a stronger base around 57,000, which aligns with the 21-DMA. On the upside, a decisive breakout above 58,550 could open the gates for a potential rally toward 60,000 in the near term.

The broader structure remains constructive, and as long as the index sustains above its short-term support, the prevailing bullish trend is expected to continue. Any dips toward support zones are likely to attract fresh buying interest, keeping sentiment upbeat among traders and investors alike.

MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website.

Trade name: William O’Neil India Pvt. Ltd.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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