Immediate support is at 23,000, followed by 22,860 (the 21-day SMA) and 22,600. A break below these levels could pull the index back toward the October swing low. On the upside, 23,300 is the first resistance, followed by 23,550 (the 50-day SMA) and 23,750 (the 100-day SMA). Strong results from Tech Mahindra lifted IT stocks. Hopes of an India–U.S. trade deal, softer bond yields and easing crude prices also support the outlook. HDFCBANK, ICICIBANK, and AXISBANK report results on 17 October, so we expect the recovery to continue toward 23,550 while the index holds above 22,860.
