Market Outlook for 30 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 30th October 2024 - 10:53 am

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Nifty Prediction for 30th October  

Markets witnessed a much required pullback move led by the banking stocks. The broader markets too saw some buying interest and the Nifty ended the day with gains of half a percent.

Nifty has been consolidating in a range since last two sessions, where the RSI readings on the lower time frame charts are in the oversold territory and are at support on daily time frame. FIIs covered some of their short positions and hence their ‘Long Short Ratio; improved from 32 percent to over 40 percent.

The data hinted at signs of a pullback move and the buying interest in the banking stocks provided the trigger to this move. Hence, markets could see a retracement pullback to first test the immediate hurdle around 24630, followed by the 40 DEMA as 38.2 percent retracement level at 24900. The immediate support for the index is placed at 24150-24000 zone. Short term traders can look for some buying opportunities for a pullback move towards the above mentioned zones.

Buying interest in banking stocks pulls the index higher

nifty-chart

 

Nifty Bank Prediction for 30th October 

In last few trading sessions, the banking index had been consolidated in a range where this index saw a time-wise correction inspite of a price wise correction in most other indices. Positive reactions to some the recent quarterly results in stocks from this sector led to a fresh buying interest and the heavyweights led to an upmove of two percent in the index on Tuesday.

The RSI has a positive crossover and hence, the near term momentum seems positive. Hence, traders can continue to trade with a positive in this space. The immediate resistance is around the swing high of 52580 followed by 52850.


bank nifty chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 24240 79700 52000 24170
Support 2 24000 79050 51750 23970
Resistance 1 24600 80750 52570 24560
Resistance 2 24700 81100 52840 24760

 

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