NTPC, ETERNAL, Max Healthcare, Cipla, and InterGlobe Aviation were among the top drags, declining up to 2%
Gaurvav Garg,
Lemonn Markets Desk
Equity Market
Mumbai, October 31, 2025: Equity benchmarks extended their losing streak on Friday, weighed down by persistent FII selling and weak global cues that continued to sour investor sentiment. NTPC, ETERNAL, Max Healthcare, Cipla, and InterGlobe Aviation were among the top drags, declining up to 2%.
Foreign investors offloaded equities worth Rs3,078 crore on Thursday, marking the second consecutive session of significant outflows and turning near-term sentiment cautious. Weakness across Asian markets, along with overnight losses on Wall Street, further dented risk appetite. Investors remain on edge amid uncertainty over the US Fed’s rate outlook and mixed takeaways from the recent Trump–Xi meeting, which concluded with only a limited one-year truce instead of a comprehensive trade deal.
Technically, Nifty’s earlier bullish setup is showing signs of a potential topping formation, with resistance seen around 25,960 and support near 25,700. However, on shorter time frames, the index has slipped into oversold territory, indicating the possibility of a recovery session on Monday, where upcoming global cues and earnings releases may guide the next market direction.
Amol Athawale, VP Technical Research, Kotak Securities, adds:
In the last week, the benchmark indices witnessed profit booking at higher levels. The Nifty ended 0.24 percent lower, while the Sensex was down by 273 points. Among sectors, the PSU Bank index gained the most, rallying 4.66 percent, whereas the Capital Market index was the top loser, shedding 1.83 percent. During the week, the market once again faced resistance near 26,100/85300 and reversed sharply. Technically, on daily and intraday charts, it has formed a double top-like pattern, and on weekly charts, a shooting star like formation has appeared, indicating further weakness.
However, the short-term market outlook remains positive. We believe that the 25,700–25,650/83900-83700 zone will act as a crucial support level for traders, while 26,000/85000 and 26,100/85300 could serve as key resistance areas for the bulls. A successful breakout above 26,100/85300 could push the market toward 26,250–26,350/85800-86100. Conversely, if the market falls below 25,650/83700, sentiment could turn negative, potentially slipping to 25,500–25,450/83300-83100.
For Bank Nifty, the double bottom support is placed near 57,500. If it sustains above this level, it could retest 58,500. Further upside may continue, lifting the index to 58,800. On the other hand, if it falls below 57,500, it could decline to 57,000–56,800.
