Market Outlook for 10 October 2024 - Nifty and Bank Nifty Prediction

Ruchit Jain Ruchit Jain

Last Updated: 10th October 2024 - 10:06 am

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Nifty Prediction for - 10 October

Nifty witnessed a pullback move post the RBI policy outcome, but it resisted around 25230 and gave up the intraday gains to end the day below 25000.

The RBI policy outcome was much on the expected lines as the interest rates were unchanged and the markets factored that news during the day. The Nifty had resistance around the 40 EMA on the hourly charts at 24235, and the index reversed precisely from that level.

The up move in last couple of sessions just seems to be a pullback move for now and hence, traders are advised to continue to trade with a cautious approach and focus on stock specific moves. A move above 25235 is required for a continuation of the momentum towards 25400- 25500 while a breakdown below 24700 will lead to a continuation of the down move.  

RBI keeps rates unchanged; market factors in policy news

nifty-chart

 

Bank Nifty Prediction for - 10 October

The Nifty Bank index rallied higher post the RBI policy outcome, but it gave up the intaday gains and ended around 51000 on a flat note. There has been some pull back move in last couple of sessions in the banking index but there are no signs of an uptrend. Hence, it is likely that the index would see some selling pressure on pullback moves. The immediate support for the Bank Nifty index is at 50200 followed by 49500 while resistances are seen around 51800 and 52150.

bank nifty chart

 

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

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24870 81100 50700 23400
Support 2 24770 80730 50400 23150
Resistance 1 25160 82080 51500 23750
Resistance 2 25340 82680 52000 23970
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