Stock Market Today: Nifty, Sensex Likely To Trade Flat to Positive Note on October 23 After Muhurat Trading

The Indian stock markets are expected to open on a stable note on Thursday, October 23, following a positive close during the special Muhurat trading session held earlier this week. With strong Q2 earnings, sustained liquidity inflows, and a favorable global sentiment, the near-term outlook for benchmark indices remains optimistic, though some consolidation could be on the cards.

Stock Market Outlook For October 23 Market

Heading into the full trading session on Thursday, October 23, market participants can expect a stable to mildly positive start, supported by ongoing optimism around corporate earnings, continued FII flows, and supportive global cues. However, with technical indicators pointing to slightly stretched conditions, a brief consolidation phase may precede any meaningful breakout.

Diwali Muhurat Trading 2025 Session Ends on a Positive Note

Muhurat trading, a symbolic one-hour session conducted to mark the beginning of the new Samvat year, took place on October 21 between 1:45 PM and 2:45 PM. During this session, the Sensex ended 62.97 points, or 0.07%, higher at 84,426.34, while the Nifty 50 gained 25.45 points, or 0.10%, to close at 25,868.60.

Despite the modest gains, the sentiment remained upbeat, marking the eighth consecutive positive Muhurat session for the Nifty 50, a reflection of investor confidence as the market heads into Samvat 2082.

Meanwhile, the Bank Nifty, after showing initial strength, closed slightly in the red, slipping 26 points or 0.04% to finish at 58,007.20. The index traded within a range of 57,872.85 to 58,261.55 before settling near the midpoint.

Nifty Prediction Today

The Nifty 50's performance in the Muhurat session reflected a continued bullish undertone, closing near the midpoint of its intraday range of 25,788.5 to 25,926.2. The Relative Strength Index (RSI) is nearing the 70 mark, indicating the index is entering overbought territory, which typically precedes a period of consolidation.

From a technical standpoint, immediate support for the Nifty lies at 25,750, with deeper support around 25,600 to 25,500, levels that are likely to cushion any downside in the near term. On the upside, resistance is pegged at 26,000, followed by 26,100. A decisive breakout above these levels could pave the way for a move toward new all-time highs above 26,300.

Market analysts expect the Nifty to consolidate between 25,700 and 26,000 in the short term, allowing for a healthy digestion of recent gains before attempting a fresh leg upward. According to Ponmudi R, CEO of Enrich Money, the market structure remains positive as long as the index sustains above 25,800. He added that the zone between 25,600-25,500 acts as a critical support base, reinforcing the bullish setup.

Bank Nifty Prediction: Eyeing a Breakout Above 58,250

Despite closing slightly lower, the Bank Nifty index displayed strength during the Muhurat session, fluctuating within a range of nearly 400 points. Technical indicators suggest that the index is also nearing overbought territory, with the RSI hovering around 70, hinting at possible short-term consolidation.

Key support levels for Bank Nifty are placed at 57,450 and 56,500, while resistance stands at 58,250. A sustained move above this resistance zone could trigger a further rally toward 58,500. Traders are advised to watch for a breakout above the upper band, which could signal the resumption of bullish momentum in the banking sector.

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