Technical Analysis for 24th Oct 2025
Nifty Predictions, Bank Nifty Predictions & Sensex Predictions
Indian equity markets extended their winning streak for the sixth consecutive trading session on October 23, 2025, despite surrendering most intraday gains due to profit booking at higher levels. The Nifty 50 closed marginally higher at 25,891.40, gaining 22.80 points (0.09%), while the BSE Sensex settled at 84,556.40, up 130.06 points (0.15%). The Bank Nifty index added 71 points to finish at 58,078, reflecting cautious optimism amid mixed global cues.
The market witnessed significant volatility during the session, with the Nifty 50 surging to an intraday high of 26,104.20 - its first breach of the 26,000 mark since September 2024 - before retreating over 200 points from the day's peak. Similarly, the Sensex touched a fresh 52-week high of 85,290 before paring gains, primarily due to weakness in index heavyweight Reliance Industries. The IT sector emerged as the top performer, rallying 2.21% led by Infosys (+4%), HCL Technologies (+2.43%), and TCS (+2.24%), supported by optimism over a potential India-US trade deal.
Key Observations of Today's Market Closing (October 23, 2025)
The trading session on October 23, 2025, exhibited classic characteristics of profit booking after a sustained rally, with benchmark indices opening on a strong note before surrendering gains in the latter half. The Nifty 50 opened at 26,057.20 and touched an intraday high of 26,104.20, marking its first close above 26,000 in over a year, before settling at 25,891.40. This represents a modest gain of 22.80 points or 0.09% from the previous close of 25,868.60. The index demonstrated significant volatility, with a trading range of 112 points during the session.
The BSE Sensex mirrored this pattern, opening at 84,556.40 and rallying to a 52-week high of 85,290, before closing exactly at the opening level with a gain of 130.06 points (0.15%). This indicates strong resistance at the 85,000+ zone, with investors choosing to book profits after the index gained 1,526 points over the last six trading sessions. The Bank Nifty showed relative strength, opening at 58,314.55, touching a high of 58,555.15, and closing at 58,078, up 71 points (0.12%). The banking index demonstrated a wide intraday range of over 700 points before settling near the day's mid-range.
The candle pattern on all three indices formed a bearish reversal structure, with long upper wicks indicating rejection at higher levels and limited buying support at the close. The Nifty's candle shows a clear pattern of gap-up opening followed by inability to sustain higher levels, suggesting temporary exhaustion after the recent rally. The broader market underperformed, with the BSE MidCap index slipping 0.2% and the SmallCap index dropping 0.5%, while overall breadth was negative with over 2,400 stocks declining against 1,800 advancing shares. The India VIX, the volatility gauge, rose 3.85%, indicating increased uncertainty and potential for larger moves in the near term.
Sectorally, the session was dominated by IT stocks, with the Nifty IT index surging 2.21% for the third consecutive session, driven by optimism surrounding potential H1B visa relaxations and hopes of an India-US trade deal that may reduce tariffs from 50% to 15-16%. Other gainers included the Private Bank index (+0.49%), FMCG (+0.29%), and PSU Bank (+0.28%), while losers were led by Oil & Gas (-0.57%), Pharma (-0.15%), and Healthcare (-0.33%). Notable individual gainers included Infosys (+3.86%), HCL Technologies (+2.43%), Axis Bank (+1.90%), and Kotak Mahindra Bank (+1.24%), while Eternal (-2.88%), UltraTech Cement (-1.75%), and Bharti Airtel (-1.63%) led the decliners.
Support & Resistance Levels - Technical Framework
Understanding critical support and resistance zones is essential for navigating tomorrow's market action. Based on price action analysis, Fibonacci retracements, and option chain data, the following levels emerge as crucial battlegrounds for October 24, 2025.
For Nifty 50, the immediate resistance is positioned at 25,935, which served as a rejection zone during the previous session and represents a critical level where selling pressure emerged. A decisive 15-minute closing above this level would signal strength and open the path toward 26,152, which aligns with the day's high zone and represents the next major resistance cluster. Beyond this, the psychological barrier of 26,265-26,300 emerges as the ultimate resistance, where heavy call writing has been observed in option chain data, with significant call open interest at 26,200-26,300 strikes indicating strong supply. On the downside, immediate support rests at 25,781, which coincides with the previous session's consolidation zone and represents a critical floor that must hold to maintain bullish structure. A breach below this level could trigger further correction toward 25,640, and eventually 25,600, which marks the last line of defense for the current uptrend.
For Bank Nifty, resistance levels are identified at 58,267, representing the upper boundary of the consolidation zone, with a breakout above this level targeting 58,714, which would represent a gain of approximately 500 points and signal strong bullish momentum. The all-time high zone around 58,800-59,000 would be the ultimate target if momentum sustains. On the support side, 57,837 emerges as the critical level, marking the lower boundary of the neutral zone, and a decisive break below this could extend weakness toward 57,370 and potentially 57,000 if selling intensifies. The Bank Nifty has demonstrated a structure similar to Nifty, with a consolidation band between 57,837 and 58,267 representing the no-trade zone where sideways action is most likely.
For Sensex, resistance is pegged at 85,000-85,300, with the day's high of 85,290 acting as an immediate ceiling, while support is placed at 84,300-84,000, with the 84,000 psychological level serving as a critical support zone. The index has gained significant ground in recent sessions, and these levels will determine whether the rally continues or enters a consolidation phase.
Option chain analysis reveals heavy Put support near 25,700-25,800 for Nifty, indicating strong buying interest at lower levels, while Call writing is concentrated at 26,200-26,300, suggesting resistance in that zone. This data corroborates the technical levels and provides additional confidence in the support-resistance framework. The max pain level for the weekly expiry appears to be around 25,900, which could act as a magnet for price action in the short term.
Nifty Predictions – Technical Analysis for October 24, 2025
Nifty 50 technical analysis chart with key support and resistance levels
Based on comprehensive analysis of option chain data, participant positioning, and technical indicators, the Nifty 50 is expected to open with a significant gap-up on October 24, 2025, with GIFT Nifty trading around 26,316, approximately 400-450 points above the previous close. This optimism stems from positive global cues, with US markets rising 150 points, and strong sentiment around potential India-US trade negotiations that could reduce import tariffs from 50% to 15-16%. However, traders should exercise caution as the actual opening may differ from GIFT Nifty indications, and historical patterns suggest that gap-up openings often lead to initial euphoria followed by profit booking.
The participant positioning data provides crucial insights into market expectations. Retailer data shows a short straddle structure, with both Put shorts and Call shorts nearly balanced, indicating that retail traders expect the market to remain within a sideways range. DII (Domestic Institutional Investors) demonstrate a slightly bullish bias, having built 37,900 contracts of Put shorts against 22,000 Put longs, resulting in net Put shorts of approximately 15,900 contracts, while their Call positions show 33,000 Call shorts versus 27,000 Call longs, suggesting an overall expectation of sideways to upside movement. FII (Foreign Institutional Investors) activity shows equity buying of ₹94 crore on the previous session, though their futures positioning shows they closed 256 long contracts and added 1,287 short contracts, indicating cautious positioning despite equity purchases. Most interestingly, Proprietary Desks have adopted a long straddle strategy, with 144,000 Put longs versus 74,000 Put shorts, and 117,000 Call longs versus 17,000 Call shorts, suggesting they expect significant directional movement, with a slight bias toward downside given higher Put longs.
Trading Strategy for Nifty (October 24, 2025):
Bearish Scenario (More Likely)
- Resistance Zone: 26,000 (Critical level - acts as a strong ceiling)
- Key Levels if Bearish:
- Below 26,000: Expected fall to 25,950 → 25,900 → 25,800
- If 25,800 breaks: Further fall to 25,750 → 25,700 → 25,650
- Critical Support: 25,700-25,750 (Gap filling zone)
Bullish Scenario
- Condition: Nifty must sustain above 26,000 for 30 minutes (half-hour consolidation)
- If sustained above 26,000: Targets are 26,050 → 26,100 → 26,150 → 26,200
- Today's Day High: 26,100 (key resistance to break)
Key Notes:
- Market broke the support trendline
- 26,000 has become a major resistance after today's rejection
- Expect profit booking if gap-up opening occurs
- 26,000 PE can outperform with 30-point stop loss if below 26,000
- 25,900 PE can outperform with 30-point stop loss if 25,800 breaks
Bank Nifty Predictions – Technical Analysis for October 24, 2025
Bank Nifty technical analysis chart with support and resistance zones
Bank Nifty demonstrated impressive strength during the previous session, hitting a fresh record high before pulling back over 500 points to close near 58,078, showing a gain of 71 points (0.12%). The index structure mirrors that of Nifty, with a clear consolidation zone forming between key support and resistance levels. Leading the gainers were IDFC First Bank (+4.03%), Bandhan Bank (+3.62%), Axis Bank (+2.67%), and Shriram Finance (+2.36%), while Muthoot Finance (-3.35%) was the sole major drag.
The option chain analysis and participant data for Bank Nifty suggests a similar positioning pattern to Nifty, with institutional players maintaining a cautiously bullish stance. The index has formed a tight consolidation range between 57,837 (support) and 58,267 (resistance), which represents the key battleground for October 24, 2025. A breakout above this range could trigger a sharp 500-point rally toward 58,714, while a breakdown below support could lead to a swift correction toward 57,370.
Trading Strategy for Bank Nifty (October 24, 2025):
Bearish Scenario (More Likely)
- Critical Level: 57,900 (Currently at breakeven point)
- If stays below 57,900 for 30 minutes: Fall expected to:
- 57,800 → 57,700 → 57,600
Resistance Levels (For Gap-Up/Bounce)
- 58,000-58,250: Strong resistance zone
- Below 58,250: Selling pressure expected
- Targets on downside: 58,100 → 58,000 → 57,900 → 57,800
Bullish Scenario
- Condition: Must sustain above 58,300 for 30 minutes
- Above 58,300: Buying opportunity opens
- Broke the uptrend line support today
- Downtrend line acting as resistance
Key Notes:
- Bank Nifty touched all-time high but fell sharply
- Currently breaking key support trendline
- Gap-up or sharp bounce near 58,000-58,250 will face selling pressure
Sensex Predictions – Technical Analysis for October 24, 2025
Sensex technical analysis chart with key levels and trend analysis
The BSE Sensex delivered a spectacular performance during the intraday session on October 23, 2025, rallying to a fresh 52-week high of 85,290, marking a gain of 864 points from the previous close before settling at 84,556.40 with a modest gain of 130.06 points (0.15%). This dramatic intraday reversal of over 730 points from the day's high signals strong profit booking at elevated levels, though the index managed to extend its winning streak to six consecutive sessions, accumulating a total gain of 1,526 points during this period.
The Sensex's price action on October 23 formed a classic bearish reversal candle with a long upper wick, indicating rejection at higher levels and inability of bulls to sustain the momentum throughout the session. However, the fact that the index closed positive and held above the previous close demonstrates underlying strength and resilience. The opening at 84,556.40, high at 85,290, low at 84,426.34 (Muhurat trading close), and close at 84,556.40 creates a well-defined range that will be crucial for tomorrow's trading.
Key drivers influencing Sensex movement include the performance of heavyweight stocks, particularly Reliance Industries, which slipped about 3% from intraday highs after reports of potential curbs on Russian oil imports weighed on sentiment. Since Reliance carries significant index weight, its movement has an outsized impact on the Sensex. On the positive side, IT stocks provided substantial support, with Infosys leading gains at +3.86%, followed by HCL Technologies (+2.43%) and TCS (+2.24%), collectively adding significant points to the index.
Trading Strategy for Sensex (October 24, 2025):
Bearish Scenario (More Likely)
- Resistance: 84,800 (Key level to watch)
- If stays below 84,800: Expected fall to:
- Level 1: 84,600
- Level 2: 84,400
- Level 3: 84,200
- Level 4: 84,000
Critical Support Breakdown:
- If 84,400 (Today's Day Low) breaks:
- First target: 84,200 (Diwali support level)
- If 84,200 breaks:
- Further fall to 84,000 → 83,900 → 83,800
Bullish Scenario
- Condition: Must sustain above 84,850 for 30 minutes
- If sustained above 84,850: Targets are:
- 85,000 → 85,100 → 85,200 (Today's high) → 85,300
- Broke major uptrend line support
- Downtrend line acting as resistance
Tomorrow's Market Prediction – Outlook for October 24, 2025
The overall market outlook for October 24, 2025, points toward a gap-up opening followed by potential consolidation or profit booking, with a cautiously bullish to sideways bias for the session.
The sectoral dynamics suggest that the IT sector will likely continue to outperform, supported by positive sentiment around trade deals and H1B visa expectations, while the Oil & Gas and Energy sectors face headwinds from Russian oil import concerns. The Banking sector, particularly private banks, shows relative strength and could provide support if IT stocks witness profit booking. The FMCG and Consumer sectors have shown resilience and could act as defensive havens if volatility increases.
Risk factors that could derail the bullish scenario include: (1) Any negative development on the India-US trade front, which is currently a major sentiment driver; (2) Escalation of concerns around Russian oil imports affecting energy stocks and broader market sentiment; (3) Profit booking by FIIs after the recent rally, especially given their hedged positioning; (4) Technical breakdown below key support levels (25,781 for Nifty, 57,837 for Bank Nifty, 84,000 for Sensex) which could trigger stop losses and accelerate declines.
Positive catalysts that could extend the rally include: (1) Confirmation or positive progress on India-US trade negotiations; (2) Strong quarterly earnings from heavyweight stocks, with Q2 results from major companies on the radar; (3) Continued FII buying beyond hedged positions, which could signal sustained foreign interest; (4) Technical breakout above resistance levels with volume confirmation, which could trigger fresh momentum.
The volatility outlook suggests increased intraday swings, with India VIX rising 3.85% in the previous session, indicating market participants are pricing in larger potential moves. Traders should be prepared for whipsaws and false breakouts, maintaining strict stop losses and avoiding overleveraged positions. The weekly options expiry dynamics could also contribute to volatility as market makers adjust their hedges.
Recommended Approach: Traders should adopt a wait-and-watch stance at the opening, allowing the initial volatility to settle before initiating positions. If the gap-up opening is substantial (Nifty above 26,100), it would be prudent to avoid immediate longs and instead look for pullbacks to support levels for entry. Conversely, if the gap-up is moderate (Nifty around 25,950-26,050), the identified trading levels become highly relevant. Intraday traders should focus on the first 30-45 minutes to gauge momentum and direction before committing capital.
The swing trading perspective suggests that as long as Nifty holds above 25,600 on a closing basis, the bullish structure remains intact with potential to retest all-time highs near 26,277. However, a breakdown below 25,600 would signal a deeper correction toward 25,400-25,200, necessitating protective stops for positional traders. Bank Nifty's key level is 57,800, below which the uptrend weakens significantly.
Final Verdict – Market Strategy for October 24, 2025
The technical analysis for October 24, 2025, reveals a market at a critical juncture, having extended its winning streak to six sessions and approaching all-time highs, yet showing signs of exhaustion through bearish reversal candles and profit booking at elevated levels. The accuracy of previous analysis has been validated, with the predicted resistance level of 25,907 for Nifty working perfectly, as the market opened near this level, rejected, and remained sideways throughout the session. This reinforces confidence in the technical framework and the identified levels for tomorrow's trading.
For Nifty 50, the game plan is clear: watch for 15-minute closing above 25,935 for long entries targeting 26,152, or 15-minute closing below 25,781 for short entries targeting 25,640, while avoiding the consolidation zone between these levels. For Bank Nifty, the strategy involves buying above 58,267 targeting 58,714, or selling below 57,837 targeting 57,370, with the range between these levels being a no-trade zone. For Sensex, traders should watch for strength above 84,800 targeting 85,300-85,500, or weakness below 84,300 targeting 84,000, maintaining strict stop losses at identified levels.
The participant positioning data provides valuable insights, with retail expecting sideways movement (short straddles), DIIs showing cautious bullish bias (net Put shorts), FIIs maintaining hedged positions (equity buying but futures shorts), and proprietary desks positioned for big moves (long straddles with Put bias). This mixed positioning suggests the market could move decisively in either direction once a trigger emerges, making it crucial to trade breakouts rather than predict direction.
Key monitoring points for October 24 include: (1) Opening gap magnitude and sustainability; (2) GIFT Nifty alignment with cash market opening; (3) IT sector performance, particularly Infosys, HCL Tech, and TCS; (4) Oil & Gas sector reaction to Russian import news; (5) FII activity and flow data; (6) Global market cues, especially US indices and Asian markets; (7) Any developments on India-US trade negotiations; (8) Quarterly earnings from major companies.
The risk-reward profile favors waiting for confirmation rather than anticipating moves, given the elevated levels and mixed signals. Traders with existing long positions from lower levels should consider partial profit booking at current levels or trailing stop losses to protect gains, while fresh positions should be initiated only on confirmed breakouts with volume. Short-term traders should be nimble, booking profits quickly and not holding positions against the trend, while positional traders should maintain wider stop losses and focus on the bigger picture of the bullish structure remaining intact above 25,600 for Nifty.
In conclusion, October 24, 2025, presents a high-probability trading setup with clearly defined levels, but success will depend on disciplined execution, strict stop-loss adherence, and avoiding the temptation to trade within consolidation zones. The market has provided excellent opportunities over the past six sessions, and maintaining capital through disciplined trading is more important than forcing trades when levels are not met.
Disclaimer: This analysis is for educational purposes only and should not be construed as investment advice. The stock market involves substantial risk, and past performance is not indicative of future results. The predictions and trading levels mentioned are based on technical analysis of historical price patterns, option chain data, and participant positioning, which may not always accurately predict future price movements. Traders and investors should conduct their own research, assess their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions. The author and Option Matrix India are not SEBI-registered analysts and take no responsibility for any financial losses incurred from following this analysis. Please trade responsibly with capital you can afford to lose, use appropriate position sizing, and always maintain strict stop losses to manage risk effectively.