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The GIFT Nifty indicates of gap-up opening of 360 points. If it happens, the Nifty will open at its all-time high level. However, analysts say the index faces resistance at 26,000.
The Nifty’s current level is just 348 points away from its all-time high of 26,216.05, which was recorded in September 2024.
Nifty Prediction Tomorrow, October 23: The Indian stock market has resumed its bull run in the past few days after a long time, with heavy buying in stocks, including by foreign investors, across the sectors. The Nifty’s current level is just 348 points away from its all-time high of 26,216.05, which was recorded in September 2024. However, going by the Nifty futures, which are currently trading higher by 360 points, the Nifty might see a big gap-up opening tomorrow, October 23, surpassing its previous record high.
The GIFT Nifty, or Nifty futures, is currently trading 360 points higher or 1.39% up to trade at 26,283, as of 5:15 pm on Wednesday.
In the previous session on Tuesday, which was a Diwali muhurat session, the Nifty rose 25 points to close above the 25,850 mark at 25,868.6.
The domestic equity market remained closed on Wednesday on account of ‘Diwali Balipratipada’, a festival celebrating prosperity, renewal, and devotion.
What’s Expected In Market On Thursday?
The GIFT Nifty indicates of a gap-up opening of 360 points in Nifty on October 23. If that happens, the index will open at its all-time high level. However, analysts say the Nifty faces resistance at the 26,000 level, which it has failed to break in multiple attempts since October 20.
“The index has managed to hold firm above 25,950, reinforcing its bullish structure with the next resistance zone seen at 26,000-26,300. As long as the Nifty sustains above 25,750, momentum is expected to remain firmly positive. Immediate support is placed at 25,600, followed by 25,500,” said Ponmudi R, CEO of Enrich Money.
While the previous session witnessed mild profit booking at higher levels, it appears to be a healthy consolidation phase rather than a trend reversal, with the broader setup still pointing toward a breakout attempt around 26,000-26,200, he added.
Rupak De, senior technical analyst at LKP Securities, said, “The RSI has entered a highly ambitious momentum zone and looks ready to strengthen in the coming sessions. In the short term, a rally towards 26,000/26,200 looks possible, while support is placed at 25,700.”
The Nifty continued to remain in an uptrend even during the Muhurat trading session, though the actual range remained small due to the shortened trading window. Sentiment continues to favour the bulls, with the index sustaining above the critical 21-day exponential moving average (EMA), he added.
Open Interest Chain Analysis
The NSE Nifty’s open interest data for the October 28 expiry reflects a balanced yet cautiously bullish setup, said Ponmudi.
Total Call OI stands at 13.60 crore against 13.51 crore in Puts (PCR at 1.00), indicating a largely neutral stance with a mild positive bias. Fresh additions of 2.93 crore in Calls and 2.14 crore in Puts suggest traders are hedging near-term volatility while retaining a bullish undertone. Strong Put bases at 25,600–25,700 offer firm downside support, while heavy Call writing at 26,000–26,200 defines a key resistance zone, he added.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
October 22, 2025, 17:34 IST
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