Market Outlook for 23 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 22nd October 2024 - 05:44 pm

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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.

 

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

nifty-chart

 

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. 

bank nifty chart

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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