Market Outlook for 11 October 2024 - Nifty and Bank Nifty Prediction

Ruchit Jain Ruchit Jain

Last Updated: 11th October 2024 - 10:32 am

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Nifty Prediction for - 11 October

Nifty index traded within a narrow range in Wednesday’s session, and ended the day above 25000 with marginal gains.

It was a range bound session for the Nifty, but the banking index witnessed a positive momentum led by the private sector heavyweights while some profit booking was seen in the midcap space. Post the recent sharp correction, Nifty has managed to give some pullback move in last three sessions, which seems to be a retracement move as the lower time frame readings were oversold.

FIIs have continued their selling mode and have net short positions in the index futures segment. The immediate resistance for Nifty is seen around 25235 which needs to be surpassed for a near term positive move towards 25315/25500. On the flipside, the support is at the swing low of 24700 below which we would see a continuation of the correction. We continue with our advice for traders to avoid aggressive positions and trade with a stock specific approach.

Private sector banks bucked the trend and outperformed

nifty-chart

 

Bank Nifty Prediction for - 11 October

The Nifty Bank index rallied higher and outperformed other indices led by the private sector banks. The index is now trading around the hourly 40 EMA which is a crucial hurdle. A continuation of the momentum above 51600 could led the index towards 51820/52000/52300 which are the hurdles on the way up. On the flipside, 50900 is the immediate support for the index. 

bank nifty chart

 

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24880 81430 51150 23600
Support 2 24790 81250 50800 23460
Resistance 1 25200 81900 51770 23860
Resistance 2 25250 82180 52020 23970
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