Market Outlook for 09 October 2024 - Nifty and Bank Nifty Prediction

Ruchit Jain Ruchit Jain

Last Updated: 9th October 2024 - 10:31 am

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Nifty Prediction for - 09 October

Our markets witnessed a recovery after six sessions of correction and Nifty reclaimed the 25000 mark at close.

Post the recent sharp correction, the RSI set-ups and the PCR data in derivatives were in the oversold zone. This led to a pullback move in the indices and the broader markets too witnessed a recovery. Now it is too early to predict if the correction is over, but buying interest hints at a pullback move at least in the short term.

Both Nifty as well as the Bank Nifty indices have formed a ‘Inside Bar’ pattern which is a bullish pattern and hence, Monday’s low will be seen as an important support. Now the immediate resistance for Nifty is around 25070, above which it should retrace towards 25250-25300. Traders should trade with a stock specific approach and trade with proper risk management.

Markets rebound ahead of RBI policy due to oversold set ups

nifty-chart

 

Bank Nifty Prediction for - 09 October

The Nifty Bank index had seen a sharp correction off late and due to the oversold momentum readings, we witnessed a pullback move in the banking stocks on Tuesday. The RBI policy outcome could lead to some trended move for the day. The immediate hurdle for the index is 51200, above which the index could retrace towards 51820 and 52330. On the lower side, 50600 and 50200 are the immediate supports.

bank nifty chart

 

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

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24830 81050 50600 23270
Support 2 24650 80450 50200 23100
Resistance 1 25230 82000 51600 23570
Resistance 2 25300 82350 51820 23700
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