Market Outlook for 18 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 17th October 2024 - 04:58 pm

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Nifty Prediction for - 18 October

Nifty corrected sharply on the weekly expiry day after last few sessions of consolidation and we witnessed a selling pressure throughout the day. The index ended the day at 24750 with a loss of more than 200 points.

Our markets resumed the corrective phase after a few days of consolidation and in Thursday’s session, we witnessed a broad based sell-off where all indices (except IT) ended in red. The near term trend remains weak, but the index has multiple supports and it needs to be seen if any signs of pullback are there from either of these supports.

The initial support is at the swing low of 27690 followed by the 89 DEMA at 24600 and then the 100 EMA at 24470. The daily chart of Nifty also depicts a ‘Head and Shoulders’ pattern and hence, these would also be important for the medium term trend.

The RSI setups which turned negative at the start of this month still do not show any signs of reversal and hence, we continue with our cautious approach on the market. One should reassess the momentum in case of any reversal signs around the above mentioned support, and till then it is better to be cautious and very stock specific. The immediate resistance for Nifty is around 25000 now.

A lot of stocks have been reacting to the quarterly results which would continue to drive the near term momentum. 

Broad based selling led to sharp correction in markets 

 

nifty-chart

 

Bank Nifty Prediction for - 18 October

The Nifty Bank index corrected along with the broader markets and ended below 51500 level. The immediate support for the index around 51000-50900 followed by the swing low of 50200. The PSU Bank index showed a relative outperformance due to SBI, but the index has breakout only above 6700 and it is advisable to look for buying opportunities if the index surpasses this hurdle. 

bank nifty chart

 

 

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

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24640 80680 50980 23430
Support 2 24540 80350 50670 23300
Resistance 1 24940 81550 51760 23820
Resistance 2 25130 82100 52240 24070
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