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Stock market prediction for Wednesday, 28 October, 2026: The Indian stock market is likely to open on a negative note, as GIFT Nifty signalled muted start on Wednesday, 28 October. Today marks a significant day in the IPO market, as Reliance-backed Jio Platforms IPO is all set to make its stock market debut.
Meanwhile, Asian markets traded broadly higher on Wednesday, while US stock futures continued to gain for second session ahead of Fed meeting.
“Indian equities are likely to open cautiously lower, with GIFT Nifty trading near 22,685. The opening weakness may remain contained if the Nifty holds 22,550, but a durable recovery will depend on broader participation ahead of tonight’s US Federal Reserve decision,” said Hariselvan Radhakrishnan, Founder & CEO of HST Wealth.
Benchmark indices Sensex and Nifty ended nearly flat on Tuesday after a volatile trading session, as investors booked profits in IT stocks and heavyweight banking shares amid persistently high crude oil prices and caution ahead of the US Federal Reserve’s policy decision.
The 30-share BSE Sensex declined 8.08 points, or 0.01%, to settle at 73,598.67. Of its constituents, 17 advanced, 12 declined and one remained unchanged. During the session, the index touched a high of 73,762.98 and a low of 73,179.41. Meanwhile, the 50-share NSE Nifty edged down 3.45 points, or 0.02%, to close at 22,749.75.
“Indian equity markets ended largely flat on Tuesday, holding on to most of Monday’s recovery gains despite an early dip. Sectoral performance remained mixed, with buying interest in pharmaceuticals, media, automobiles, chemicals and realty offsetting losses in cement and IT stocks. The selective buying helped contain the downside, although the lack of broader participation leaves the durability of the recovery uncertain,” said Ponmudi R, CEO of Enrich Money.
Gift Nifty was trading around the 22,749 level, down nearly 62.50 points or 0.27% from the Nifty futures’ previous close, indicating a negative opening for the Indian stock market indices.
The BSE SENSEX ended the session nearly flat at 73,598.67, down 8.08 points (-0.01%). The index opened at 73,484.38, touched an intraday high of 73,762.98, and a low of 73,179.41. Despite the intraday fluctuations, the benchmark managed to recover from lower levels and closed with only a marginal loss, indicating a lack of strong directional conviction.
On the Sensex outlook, Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited, said that the index continues to trade within a defined range, with 73,000–73,200 acting as the immediate support zone and 73,750–74,000 serving as the key resistance area. The broader trading range stands at 73,000–74,000, suggesting a sideways market structure. A decisive breakout above resistance or a breakdown below support will be necessary to establish a clearer near-term direction.
“From a technical perspective, the SENSEX opened with a gap-down of around 122 points and traded within a narrow range, showing no decisive directional move on either side. The index eventually closed with a small green candle and managed to sustain above the 20 EMA, which remains an important near-term support indicator. The RSI stands at 49.14, while its moving average is at 44.84, reflecting improving momentum, although the RSI remains just below the neutral 50 mark,” Gupta said.
On the Nifty 50 outlook, Vatsal Bhuva, Technical Analyst at LKP Securities, said that the Nifty index managed to close above its 20 DMA and 200 WMA on the daily chart after briefly slipping below these key technical levels, indicating buying support at lower levels.
“Selling pressure is visible near the 22,800 resistance zone. The overall setup suggests a sideways to mildly positive outlook in the short term. On the downside, 22,600 remains an immediate support, while 22,800 is the key hurdle. A sustained move above 22,800 could open the door for a test of 23,000. Hence, traders should adopt a level-based trading strategy,” Bhuva said.
Semiconductor and chipmaker stocks spearheaded gains on Wall Street on Tuesday, 27 October, helping major indices extend their rally for a second consecutive session.
The Dow Jones Industrial Average ended nearly unchanged as an 11% plunge in Boeing shares weighed on the index.
Meanwhile, the S&P 500 advanced 0.6% on Tuesday.
The Nasdaq Composite led the major indices with a gain of 1.2%.
South Korea’s Kospi extended its intraday gains to over 5%, prompting the Korea Exchange to activate a buy-side sidecar mechanism. As per the Korea Exchange’s data on October 28, the benchmark index surged 4.93% from the previous session to 5,917.21.
Japanese stock market also extended gains for second day, with Nikkei 225 rising more than 1% to 64,012.40 on Wednesday, while the Topix rose 0.32%.
Taiwan stock market also witnessed a significant rally for second session, with Taiex index surging as much as 1.69% to 46,874.50.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
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