Nifty and other indices on the Indian market make a bearish pattern last week - What's next?
- vivekkhemka
- Nov 2
- 2 min read
Below is a summary of the price action on the frontline Indian indices for the week ended October 31st, 2025.
Nifty made a double top last Wednesday with the previous high (made 4 days back) and fell on the last 2 days of the week to close near the pivot support between the 2 tops. No breakdown as yet.
Banknifty seems to be making a 1-2-3 top in a structure similar to that of Nifty. Though the pattern is bearish, it is still some distance away from breaking the pivot support.
Midcap index broke above a 4.5 month long range last Wednesday, however, came down over the next 2 days to close within the range on Friday. Looks like a buy failure.
Smallcap Index crossed the previous intermediate high (formed on 19th September) last Friday. However, it could not sustain and crashed to close below the high forming a very ominous looking bearish engulfing pattern at a double top.
The overall feel on looking at these frontline indices is that the market feels fatigued at higher levels and wants to test lower support levels before deciding what to do next. This is not a call to sell the market. We are yet to see a breakdown on Nifty and Banknifty though it does look imminent. Even if the breakdown does happen, the market may again find strength at lower levels. But that is for time to tell. For now, it is time to be cautious.
This also fits nicely in tandem with the global markets most of which are also showing fatigue. The US markets have given a mild sell signal at ATH levels, the European and Asian markets are languishing in a range or have already given sell signals (FTSE, Nikkei and Korea being exceptions).
Please scroll below to subscribe to our website for regular updates.