Market Outlook for 08 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 7th October 2024 - 05:41 pm

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Nifty Prediction for - 08 October

Nifty continued its corrective phase at the start of the week. It started the day on a flat note but witnessed selling pressure throughout the day and ended below 24800 mark.

Post the recent correction from the highs, Nifty has now retraced the previous upmove from 23900 to 26277 by 61.8 percent. The 89 EMA on the daily chart is around 24525 and the RSI reading on the lower time frame chart is in the oversold zone.

Hence, there's a possibility of some pullback move from the support zone of 24800-24525 to relieve the oversold set ups. However, there are no signs as of now that the markets would bottom out here and hence one should initially see the up move if any as a pullback move only.

Depending upon the data and the price volume action, one can then review the market movement as the global news flows and the RBI policy meeting outcome during the week will be crucial to determine the near term trend. The INDIA VIX is rising gradually hinting at the possibility of increasing volatility in the short term.   

Nifty breaks 25000 as selling continues in market

nifty-chart

 

Bank Nifty Prediction for - 08 October

The Nifty Bank index too continued its down move and witnessed high intraday volatility towards the end of the day. The index has breached its immediate support, but the RSI reading on the lower time frame chart is in the oversold zone. Hence, there could be a pullback move in the near term. However, traders are advised to wait for reversal signs as volatility is high. The next major support for the index is placed around the previous swing low of 49650 followed by the 200 EMA at 49400.

bank nifty chart

 

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

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24600 80470 49850 22980
Support 2 24430 79890 49400 22730
Resistance 1 25050 81880 50820 23360
Resistance 2 25200 82450 51440 23600
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