Market Outlook for 22 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 22nd October 2024 - 10:20 am

Listen icon

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.

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

nifty-chart

 

 

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.

bank nifty chart

 

 

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
Stay Ahead in the Market Game!
Unlock expert perspectives to shape your investment strategy.
  • Performance Analysis
  • Nifty Predictions
  • Market Trends
  • Insights on Market
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 13th December 2024

by Sachin Gupta 12th Dec 2024

Market Outlook for 12th December 2024

by Sachin Gupta 12th Dec 2024

Market Outlook for 11th December 2024

by Sachin Gupta 11th Dec 2024

Market Outlook for 10th December 2024

by Sachin Gupta 10th Dec 2024

Market Outlook for 09th December 2024

by Sachin Gupta 9th Dec 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form