Market Outlook for 09 October 2024 - Nifty and Bank Nifty Prediction
Market Outlook for 01 October 2024
Last Updated: 1st October 2024 - 11:30 am
Nifty Prediction for - 01 October
Nifty started the week on a negative note as the correction in some of the Asian bourses had a rub off effect on our markets. The index traded with a negative bias throughout the day and ended just above 25800 with a loss of about 370 points.
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The large cap stocks witnessed profit booking which led to a sharp correction in the benchmark indices at the start of the week. The FII’s had ‘long heavy’ positions in the index futures segment with over 80 percent positions on the long side and the RSI readings on the charts were in overbought zone post the recent run up. Such a combination usually leads to a contra trend move and thus, we witnessed the same on Monday. The immediate support for Nifty is placed in the range of 25750-25700 which will be important to watch, if this gets breached then we could see the retracement towards 25520 and 25340. In case of a pullback move, resistance will be seen around 26000-26100.
Nifty corrects on unwinding in index heavyweights
Bank Nifty Prediction for - 01 October
The Nifty Bank index started a corrective phase on Friday, and extended the losses in Monday’s session. The index ended below the 53000 mark while the RSI on the daily chart has given a negative crossover. The 20 DEMA for the index is placed around 52750 which will be seen as the immediate support for the index. On the higher side, 53500-53600 will be seen as immediate hurdle.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 25700 | 83920 | 52700 | 24340 |
Support 2 | 25570 | 83530 | 52400 | 24200 |
Resistance 1 | 26030 | 85020 | 53220 | 24730 |
Resistance 2 | 26250 | 85550 | 53500 | 25000 |
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