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Nifty Outlook for October 23: Index resumes lower highs, lower lows formation with 22,550 the key level
CNBC-TV18 3 hrs ago·22 Oct 2026, 1:32 pm
The Nifty 50 index is currently forming a pattern known as lower highs and lower lows, which suggests the market is in a consolidation phase. This technical formation indicates that while the index is not breaking down, it is also struggling to make significant upward progress. The key resistance level to watch is 22,550, as a move above this mark could signal a potential reversal in trend.
Investors should pay close attention to the breadth of the market and the performance of the banking sector. The recent resilience in the Nifty Bank index has helped support the broader market, preventing a steeper decline. However, if the index fails to hold above 22,550, it may indicate a continuation of the current downtrend. It is crucial to monitor these levels to gauge the market's direction.
Excerpt from CNBC-TV18
Published On Oct 22, 2026 | 19:02 IST Last Updated On Oct 22, 2026 | 19:02 IST The major reason why the Nifty managed to somehow keep its losses in check and not collapse under a free fall, was the Nifty Bank. The index recovered nearly 500 points from the day's low and managed to defend the 54,500 level yet again on…Read the original at CNBC-TV18
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