Market Outlook for 17 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 17th October 2024 - 10:39 am

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Nifty Prediction for - 17 October

Nifty started the day marginally negative and traded within a range with a negative bias throughout the day. It corrected upto 24900 during the day, but managed to end around 24970 with a loss of one-third of a percent.

Nifty continued its range bound move with no signs of breakout yet. In last few sessions, we have seen a consolidation in the index where 25200-25250 has acted as a resistance zone. This hurdle needs to be surpassed for a resumption of the positive momentum in the index.

On the flipside, 24920-24880 is the immediate support which was intact on Wednesday. If the index sneaks below this then it could correct upto the 89 DEMA which is at 24700-24600 zone. Traders are advised to wait for signs of a directional move and till then, it is better with a stock specific approach. 

Stocks specific move seen in market as index consolidates  

nifty-chart

 

Bank Nifty Prediction for - 17 October

The Nifty Bank index also consolidated in a range on Wednesday and resisted around the previous day’s high of 52000-52050. A breakout above this could lead the index towards 52330 and 52830 while 51000-50900 is seen as the immediate support. We could see a continuation of some consolidation until a range breakout is seen on either side.

bank nifty chart

 

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

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24880 81250 51660 23800
Support 2 24800 81000 51520 23700
Resistance 1 25080 81840 52000 23980
Resistance 2 25180 82170 52170 24070
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