Nifty Trade Setup for October 28: Nifty Holds Above 22,700, but 23,076 Remains a Key Hurdle

The Nifty 50 closed at 22,749.75 on Tuesday, slipping 3.45 points or 0.02% in a largely flat session. The index opened at 22,708.80, touched a high of 22,829.75 and recorded a low of 22,636.85. Despite intraday fluctuations, Nifty held above 22,700, but the broader daily chart continues to show resistance from key moving averages. The next session's direction may depend on whether the index can sustain above immediate resistance or slips back towards support.

Market Breadth: Equal Advances and Declines Keep Sentiment Mixed

Market breadth was evenly split, with 25 stocks advancing and 25 declining among the Nifty 50 constituents. Nifty Media, Realty and Pharma were among the stronger sectors. The balanced advance-decline ratio reflects a mixed market, with selective buying in these sectors but no clear broad-based dominance by either buyers or sellers.

Nifty Technical Setup: 22,830 Resistance in Focus

Nifty is hovering around its short-term moving averages on the hourly and 15-minute charts, suggesting consolidation after the recent recovery. The daily chart, however, shows the index below the 22,824 zone and well below the higher moving averages. Immediate resistance is placed around 22,824–22,830, followed by 23,076.90. On the downside, 22,636.85 is the first support to monitor, while 22,221.85 remains the major support level.

RSI and Momentum Indicators: Short-Term Momentum Stays Positive

The daily RSI stands at 46.00, indicating that broader momentum remains below the neutral 50 mark. The hourly RSI is at 53.83, while the 15-minute RSI is at 54.33. Both shorter timeframes remain above 50, suggesting that intraday momentum is mildly positive despite the flat close. A sustained move above resistance would be needed to strengthen the recovery.

Key Levels to Track for Nifty on October 28

Nifty remains in a consolidation phase, with short-term momentum mildly positive but the broader trend still facing overhead resistance. A sustained move above 22,830 could open the way towards 23,076.90. Conversely, a break below 22,636 may weaken the short-term setup and bring lower support levels into focus, with 22,221.85 remaining the major downside reference.