Market Outlook for 16 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 16th October 2024 - 10:16 am

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Nifty Prediction for - 16 October

Nifty continued to trade within a range and witnessed some resistance again around 25200-25250 zone. The index ended the day just above 25050 with a loss of about a quarter of a percent.

In last few trading sessions, Nifty has seen a consolidation where 25200-25250 zone has acted as a resistance. The index needs to surpass this hurdle for any deeper retracement pullback and hence, traders should look for buying opportunities in the index only on a breakout above the same.

On the flipside, 24920 is the immediate support followed by the swing low around 24700. A breakout beyond the above mentioned levels could then lead to a directional move and hence, one should look for trading opportunities only on a breakout. Until then, one can focus on trading with a stock specific approach. 

Nifty consolidated in a range, 25200-25250 seen as resistance  

nifty-chart

 

Bank Nifty Prediction for - 16 October

The Nifty Bank index continued its relative outperformance and ended the day marginally positive. The index surpassed the 52000 mark during the day but did not close above it. A sustained move above this can lead the index towards 52330 and 52830. On the lower side, 51600-51500 range is the immediate support zone. 

bank nifty chart

 

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

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24970 81530 51730 23800
Support 2 24880 81250 51550 23730
Resistance 1 25180 82200 52050 23950
Resistance 2 25300 82580 52200 24020
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