Market Outlook for 15 October 2024

resr 5paisa Research Team

Last Updated: 15th October 2024 - 11:03 am

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Nifty Prediction for - 15 October

Our markets witnessed a positive momentum at the start of the week as heavyweights from the banking and the IT sector rallied higher. Nifty opened the day above 25000 and ended and ended at 25127 with gains of two-third of a percent.

Nifty rallied higher as stock specific positive momentum was seen in the private sector banks and the IT stocks. In last one week, the index has consolidated in a range with a swing high at 25235. This is the immediate hurdle which needs to be surpassed for a deeper retracement pullback. Above this swing high, the index would have potential to rally towards 25300 and 25480 as per the retracements. On the flipside, 24920 is seen as the immediate support. Traders are advised to look for stock specific opportunities from a near term perspective and look for a trended move in the index only above or below the above mentioned levels. 

Banking and IT heavyweights led to a pullback move in index  

 

Bank Nifty Prediction for - 15 October

Similar to the Nifty bank index showed a relative outperformance on Monday as the private sector heavyweights rallied sharply leading the upmove. The Banking index has ended the day at its initial resistance around 51900-52000 and hence the follow up move will be important. A continuation of the upmove would lead the index towards 52330 followed by 52830 which are 50% and 61.8% retracements of the recent correction. On the flipside, 51000-50900 is now the immediate support zone. 

 

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

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24960 81330 51400 23700
Support 2 24900 81120 50970 23530
Resistance 1 25240 82180 52070 23950
Resistance 2 25330 82400 52310 24050
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