Stock Market Outlook Today, October 29, 2026: Sensex, Nifty Likely To Remain Range-Bound After Fed Decision

The Indian stock market is likely to remain volatile on Thursday, October 29, as investors assess the US Federal Reserve's latest policy decision alongside elevated crude oil prices and movements in the rupee. While the Fed kept interest rates unchanged, its guidance on the future direction of monetary policy will remain crucial for global markets and near-term investor sentiment.

Stock Market Outlook Today, 29 October 2026 LIVE: Sensex, Nifty Prediction for Thursday

Benchmark indices ended Wednesday's session in negative territory as investors remained cautious ahead of the Federal Open Market Committee (FOMC) announcement. The Nifty 50 declined 0.22% to close at 22,698, while the BSE Sensex fell 0.48% to settle at 73,246. Persistent concerns over Brent crude oil prices above $110 per barrel continued to weigh on sentiment and limited the upside in frontline stocks.

"Indian equities are likely to remain range-bound ahead of the US Federal Reserve's policy decision, with a rate hold widely expected. However, the Fed's guidance on the future rate trajectory will be crucial for near-term market direction. Crude oil prices and the rupee will also remain key monitorable," said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

The Federal Reserve kept its target interest rate range unchanged at 3.75% to 4% at the conclusion of its October meeting. For domestic equities, global market cues, crude oil prices and currency movements are expected to remain important factors in determining Thursday's direction.

Nifty Prediction Today for October 29, 2026: What Traders Can Expect After Fed Rates

The Nifty 50 formed a second consecutive high-wave candle, characterised by a small real body and long shadows on both sides, indicating consolidation amid heightened volatility. The index opened on a weak note and tested the 22,500 mark during the first half of Wednesday's session. However, buying interest at lower levels helped it recover and close near 22,700, around 200 points above its intraday low.

According to market analysis, the Nifty has been trading around its 20-day exponential moving average (EMA) and the 50% retracement level of the previous week's decline from 23,175 to 22,372. These technical levels place an important resistance zone around 22,800-22,830, which traders will monitor for signs of a stronger recovery.

"Nifty in the last two sessions is trading around the 20 days EMA and the 50% retracement of the last week decline from 23,175-22,372 placed around 22,800-22,830 levels. Going ahead a follow strength above Tuesday's high 22,830 will open further pullback towards 23,000 and 23,175 levels being the confluence of last week high and 50 days EMA," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

The 22,830 level is therefore a key threshold for the Nifty's near-term recovery. A sustained move above this mark could open the way towards 23,000, followed by 23,175. However, if the index fails to cross this resistance zone, the ongoing consolidation could continue within the broader range of 22,370-22,830.

On the downside, immediate support is placed at 22,500, which coincides with Wednesday's low and a retracement level associated with the recent pullback. A break below this support could weaken sentiment further, while sustained buying at lower levels may help the index remain within its current consolidation range.

Bank Nifty Prediction Today: Key Support and Resistance Levels

The Bank Nifty formed a bullish candle on Wednesday, signalling buying interest near the previous month's low. The index began the session on a weak note and touched an intraday low of 53,626 in early trade. It subsequently recovered more than 550 points from the day's low to close around the 54,250 mark.

Despite the recovery, the broader technical bias remains corrective. The index is expected to consolidate between 53,600 and 54,650 in the immediate term, with the upper end of this range serving as an important resistance level. A decisive move above 54,650 could strengthen the recovery and open the way towards 55,200.

"Weakness below recent low 53,626 will signal extension of decline towards key short-term support at 53,200-53,000 being the confluence of the trendline support joining previous major lows and key retracement of the previous major up move," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

The 53,626 level remains crucial for the Bank Nifty. A breach of this recent low could extend the decline towards the 53,200-53,000 support zone. Conversely, holding above this level may allow the index to continue consolidating while traders watch for a breakout above 54,650.

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