India’s Nifty 50 rose 2% in the week ended Oct. 30, as Choice Broking Ltd. identified 23,200 as the index’s next resistance level and set a higher range conditional on a break through it.
The benchmark closed Friday at 23,053.10, gaining 116.35 points, or 0.51%, for the session, according to National Stock Exchange of India (NSE) data. It traded between 22,905.10 and 23,118.10 that day. Choice Broking’s weekly outlook put the gain at 453.10 points and the week’s low at 22,387.35. Friday’s high and close both stayed below 23,200, leaving the broker’s resistance level as a prospective test in its analysis.
The firm lists 22,850 as immediate support and 22,600 to 22,400 as a lower band. Its analysis places 23,700 to 24,000 beyond the first resistance only if the index makes a decisive move above 23,200. The outlook frames these as analyst levels, not confirmed future index readings.
To explain the rebound, Choice Broking points to buying near 22,398, where its estimate of the 200-week exponential moving average aligns with an upward trendline. Its weekly relative strength index (RSI) reading was 43.35, just above its 43.34 average and below the 50 mark the firm treats as neutral.
Nifty Realty gained 3.77% and Nifty Media rose 4.34%, while Nifty Pharma advanced 7.09%, leading the three sectors. An earlier EconoTimes article on The Economic Times contributor Milan Vaishnav’s analysis reported his resistance markers at 23,300 and 23,450, both above Choice Broking’s level. These are separate analyst assessments; NSE data records index trading and does not issue such forecasts.
The U.S. Bureau of Labor Statistics (BLS) is scheduled to release its October Employment Situation report Nov. 6 at 8:30 a.m. ET.
