Market Outlook for 13th December 2024
Market Outlook for 22 October 2024
Last Updated: 22nd October 2024 - 10:20 am
Nifty Prediction for - 22 October
Nifty started the week on a positive note but it witnessed selling pressure and traded with a negative bias throughout the day. The market breadth was weak while the index ended the day around 24750 with a loss of about half a percent.
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Our markets traded with a negative bias post open on Monday where although the index did not see any sharp move, the broader markets saw sharp correction leading to underperformance in the midcaps and the small cap space. The market breadth was very weak as the midcap and the small cap indices corrected by more than one and a half percent. On the benchmark index, 24600-24500 is the crucial support zone for the near term.
The RSI is still negative on the daily and the weekly charts on Nifty and thus, there are no reversal signs as of now from this support. On the higher side, 25000-25100 is seen as the immediate resistance zone, followed by 25200-25250. The index is expected to consolidate within this broad range and only a breakout beyond this zone would lead to the next directional move.
Traders are advised to keep a wait and watch approach and wait for signs of range breakout or reversal from support.
Sharp sell-off in midcaps worsens market breadth
Bank Nifty Prediction for - 22 October
The Nifty Bank Index too witnessed some selling pressure at higher levels, but the index relatively outperformed due to heavyweight HDFC Bank which rallied after its quarterly results. The banking index could trade range bound with 52500 as the immediate hurdle and support in the range of 51300-51000. Traders are advised to be very stock specific and wait for confirmation of broader markets uptrend resumption.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24650 | 80700 | 51700 | 23830 |
Support 2 | 24520 | 80300 | 51400 | 23700 |
Resistance 1 | 24950 | 81700 | 52400 | 24150 |
Resistance 2 | 25100 | 82200 | 52850 | 24340 |
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