Market Outlook for 24 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 24th October 2024 - 10:21 am

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Nifty Prediction for 24th October  

Nifty attempted a pullback move in Wednesday’s session, but the upmove was restricted as the index witnessed resistance at higher levels. It ended the day marginally negative below 24450.

Post the recent sharp sell-off, we witnessed some pullback move in the broader markets in Wednesday’s session. However, it is too early to take a call that the corrective phase is over as the indices have not seen any trend reversal signs.

Hence, traders are advised to trade with a stocks specific approach and wait for trend reversal signs. In case the price-wise correction gets arrested here, then there is a high probability of a time-wise corrective phase where the index might consolidate within a broad range.

The immediate support for the Nifty index is placed around 24400-24350 range, followed by retracement support around 24150.On the higher side, the immediate resistance is around 24700 which needs to be surpassed for any short term strength.

Amongst sectoral indices, the IT sector saw positive momentum as markets reacted positively to earnings of some of the IT companies. IT stocks could see a relative outperformance in the near term as the index has already seen a time correction in last one month. 

IT stocks witness buying interest leading to outperformance

nifty-chart

 

Bank Nifty Prediction for 24th October 

The Nifty Bank index traded within a narrow range on Wednesday, but has failed to show any strength so far. 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. The RSI readings on the daily chart are hinting at the possibility of a negative crossover and hence, it is advisable to keep a wait and watch approach. 

 

bank nifty chart

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 24340 79750 51050 23600
Support 2 24250 79450 50850 23440
Resistance 1 24570 80520 51500 23900
Resistance 2 24700 80960 51740 24060

 

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