Market Outlook for 28 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 28th October 2024 - 10:40 am

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Nifty Prediction for 28th October  

Our markets witnessed sharp correction throughout the week and a broad market sell-off was seen leading to nervousness amongst market participants. Nifty ended the week around 24200 with a weekly loss of over two and a half percent.

Nifty continued the corrective phase which it has seen throughout this month. This correction has been driven largely by significant FII outflows, with October alone seeing over 90,000 crores of selling in the cash segment. There are no signs of reversal yet, but the RSI readings on the lower time frame charts have reached the oversold zone. Hence, there could be a pullback move in the coming week to relieve the oversold set ups. However, until we see any strength in the broader markets or change in FIIs stance, the up moves are likely to get sold and selling pressure could be seen at higher levels. The immediate support for Nifty is placed in the range of 24000-23800 and Nifty almost tested the higher end on Friday. A breach below this would bring the 200 SMA in picture which is placed around 23400. On pullback moves, the initial resistance will be seen around 24500 and 24700.

Market continues to correct largely driven by FIIs selling 

nifty-chart

Nifty Bank Prediction for 28th October 

 

The Nifty Bank index consolidated during last week, but witnessed a sharp sell-off on Friday along with the broader markets. As the index breached its support of 51000, selling pressure was seen and the index corrected upto 50400 mark. The immediate support for the index in the coming week is placed around 50200 followed by the 200 SMA which is at 49400. On the higher side, 51300 and 51550 will be seen as resistances.

 

bank-nifty-chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 24020 78940 50300 23525
Support 2 23865 78480 49770 23320
Resistance 1 24390 80060 51400 23960
Resistance 2 24500 80500 52000 24200

 

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