Market Outlook for 30 October 2024
Market Outlook for 31 October 2024
Last Updated: 30th October 2024 - 06:23 pm
Nifty Prediction for 31st October
Nifty started the Wednesday’s session marginally negative and then traded within a narrow range. It ended the day below 24350 with a loss of half a percent.
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In last couple of trading sessions, Nifty has consolidated in a range but has resisted around 24500 where major open interest in call options for the October expiry is seen. The daily RSI on the daily chart is negative, and hence a move above this hurdle is required for a positive momentum or a pullback move. Hence, traders are advised to look for buying opportunities above 24500. On the flipside, 24000-24150 is seen as the immediate support. The broader markets witnessed some pullback move as the midcaps and the small cap stocks saw positive momentum. However, there are no signs of bottoming of their indices as of now and hence, should be seen as a pullback move only.
Indices consolidates within a range, 24500 acting as a resistance
Nifty Bank Prediction for 31st October
The Bank Nifty index rallied higher in Tuesday’s session but reversed the momentum on Wednesday and witnessed a correction. Overall, the index continues to trade within a broad range with support placed around 51000. On the higher side, 52350-52550 is the immediate hurdle which needs to be surpassed for a continuation of the positive momentum.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY | SENSEX | BANKNIFTY | FINNIFTY | |
Support 1 | 24270 | 79700 | 51650 | 23900 |
Support 2 | 24190 | 79450 | 51450 | 23750 |
Resistance 1 | 24460 | 80300 | 52150 | 24270 |
Resistance 2 | 24780 | 80680 | 52420 | 24470 |
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