Market Outlook for 03 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 3rd October 2024 - 11:15 am

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Nifty Prediction for - 03 October

After the sharp down move on Monday, Nifty consolidated within a narrow range ahead of the mid-week holiday and ended just below 25800 mark.

In Tuesday’ session, the indices did not see any directional move but the stock specific action was positive with market breadth in favor of advances. Nifty has entered a corrective phase after testing its resistance of 26270 and the RSI on the daily chart has given a negative crossover in the overbought zone. FIIs have ‘long heavy’ positions which may see some unwinding going ahead. The index has immediate support around 25750-25700, which if broken then we could see down move towards 25515 and 25325 in the short term. On the flipside, 26000-26100 will be seen as immediate resistance zone on pullback move. Traders are advised to trade with a stock specific approach and avoid any aggressive positions until we see signs of a resumption of the uptrend.

Nifty enters corrective phase from overbought zone

nifty-chart

 

Bank Nifty Prediction for - 03 October

The Nifty Bank index has corrected in last three sessions and has ended right above the 20 DEMA support placed at 52780. The RSI on the hourly time frame chart is oversold, and hence we could see a pullback move in the index. However, the short term structure seems to be in a corrective phase within an uptrend and hence, we may see some selling pressure again on pullback moves. The supports for index are placed around 52780 followed by 52400 while resistance is seen around 53500 and 53750.      

bank nifty chart

 

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

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25640 83780 52580 24300
Support 2 25550 83500 52330 24190
Resistance 1 25980 84880 53160 24580
Resistance 2 26050 85120 53400 24700
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