Nifty Outlook For Tomorrow - 24 December 2024
Market Outlook for 14 October 2024
Last Updated: 14th October 2024 - 11:39 am
Nifty Prediction for - 14 October
In the week gone by, Nifty consolidated within a narrow range with stock specific momentum seen on both sides throughout the week. Nifty ended the week below 25000 mark, with a marginal loss over previous week’s close.
iJoin the Club of Lakhs of Tech-Savvy Investors!
After forming a low around 24700, we witnessed some pullback move in the market but the Nifty index resisted around the ‘40 EMA’ on the hourly chart which was then around 25234. The main reason for the recent sell-off in the market has been FIIs selling and as of now they still seem to be forming bearish positions.
They have net short positions and until we see any covering of these, the pullback moves are likely to witness selling pressure. Hence, it is advisable to continue with a cautious approach and wait for a confirmation of a resumption of the uptrend.
In the coming week, the index needs to surpass the hurdles of 25100 and 25235 for a deeper retracement pullback. On the lower side, 24700 is the immediate support followed by the 100 EMA which is in the range of 24500-24400.
Until we see the index surpassing the above-mentioned important levels, trading with a stock specific approach could be a better approach for short term trading.
FII’s short positions restricting the market upmove
Bank Nifty Prediction for - 14 October
Similar to the Nifty, the Nifty bank index too has seem some consolidation in last few session with the 40 hour-EMA acting as a resistance on pullback moves. The index is trading with resistance around 51700 which needs to be surpassed for any positivity. On the lower side, support is in the range of 50300-50200 followed by 49500.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24860 | 81080 | 50690 | 23400 |
Support 2 | 24800 | 80870 | 50380 | 23270 |
Resistance 1 | 25080 | 81820 | 51800 | 23870 |
Resistance 2 | 25130 | 81970 | 52040 | 23980 |
- Performance Analysis
- Nifty Predictions
- Market Trends
- Insights on Market
Trending on 5paisa
Market Outlook Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.