Market Outlook for 22nd November 2024
Market Outlook for 23 October 2024
Last Updated: 23rd October 2024 - 10:41 am
Nifty Prediction for 23rd October
Our markets continued the corrective phase on Tuesday and the indices corrected throughout the day along with the broader markets. Nifty breached the 24500 mark and ended below it with a loss of over 300 points.
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There was no respite in the markets as the selling pressure continued in large cap as well as the mid and small cap stocks. The recent correction in the month of October has been mainly led by FIIs selling and there’s no respite from the same as of now. Technically, Nifty has ended right around its 100 DEMA and the momentum readings on the lower time frame chart have entered the oversold zone.
However, during such phases of sell-off the down move could continue in the oversold zone as well and hence, traders are advised to wait for reversal signs before doing any bottom fishing. If the down move continues, then next major support will be seen around 24100-23900 zone. On the flipside, the resistance for Nifty on pullback move will be seen around 24800.
We continue with our cautious approach on the markets based on the FIIs data and the technical structure. The Nifty Midcap100 index has corrected sharply and support for this index is placed around 53600-53500 zone.
Nervousness seen in markets as FIIs selling continues
Bank Nifty Prediction for 23rd October
The Nifty Bank index corrected along with the markets and the PSU banking stocks underperformed the most. The immediate support for the index is around 51000 which if breached, then it could correct upto the recent swing low of 50300-50100 range. On the higher side, 51800 followed by 52500 are seen as immediate resistances.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY | SENSEX | BANKNIFTY | FINNIFTY | |
Support 1 | 24320 | 79750 | 50870 | 23530 |
Support 2 | 24160 | 79270 | 50490 | 23360 |
Resistance 1 | 24600 | 80630 | 51570 | 23830 |
Resistance 2 | 24750 | 81100 | 51950 | 24000 |
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