Archive · 6 Oct 2026
Nifty Rises as Bulls Regain Control, 23,000 Resistance Looms
Indian stocks went up for a second day on Tuesday.
The Nifty index finished at 22,776.10, gaining 220 points.
Smaller company stocks rose even more than the main index.
Investors were waiting for the Reserve Bank of India to announce its policy decision on Wednesday.
Many expected the bank to raise its main interest rate from 5.25% to 5.50%.
Analysts said the Nifty could have difficulty rising past 23,000, though estimates of nearer resistance varied.
They also pointed to support levels that could help limit a fall.
The rupee weakened against the US dollar, and analysts said currency weakness and foreign investment flows were risks.
The Nifty rose 220 points on Tuesday, October 6, closing at 22,776.10 after gains in its second consecutive session.
Broader markets outperformed, with the Nifty Midcap 100 up 1.08% and the Nifty Smallcap 100 up 1.56%.
Investors focused on the Reserve Bank of India’s policy decision due Wednesday; markets broadly expected a 25-basis-point repo rate increase to 5.50%.
Analysts identified resistance levels between 22,850 and 23,080, with 23,000 a major hurdle, and cited support around 22,550 or lower levels.
The rupee fell 13 paise to 96.42 per US dollar, while foreign capital flows and currency weakness remained risks.
- Who
- Indian equity investors, analysts and the Reserve Bank of India.
- What
- The Nifty rose for a second consecutive session as markets awaited the RBI policy decision.
- When
- Tuesday, October 6; the policy decision was due Wednesday.
- Where
- Indian equity markets.
- Why
- Investors were upbeat ahead of the RBI decision, with favourable global cues also supporting the session.
More bullish outlook
Cautious outlook
Nifty’s near-term direction
More bullish outlook
Some analysts said the short-term trend had turned positive and that sentiment could remain positive while the index held above 22,600.
Cautious outlook
Analysts also warned of resistance near 22,850 to 23,080, with a failure to break resistance potentially leading to a correction.
Potential move around 23,000
More bullish outlook
A sustained move above 23,000 could confirm a significant bottom-reversal pattern and support further recovery.
Cautious outlook
The 23,000 area was described as strong overhead resistance, and weakness could take the Nifty toward support around 22,400.
- Nifty close
- 22,776.10
- Nifty daily gain
- 220 points
- Nifty Midcap 100
- Rose 1.08%
- Nifty Smallcap 100
- Rose 1.56%
- Expected repo rate
- Markets broadly expected a 25-basis-point increase, from 5.25% to 5.50%.
- Key Nifty resistance
- 23,000; analysts also cited nearer resistance levels from 22,850 to 23,080.
- Rupee close
- 96.42 per US dollar, down 13 paise.