Market Outlook for 25 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 25th October 2024 - 12:18 pm

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Nifty Prediction for 25th October  

Nifty traded within a narrow range on the weekly expiry day and ended the day marginally negative. However, the overall market breadth continued to be negative indicating weakness in the broader markets. 

A narrow range was seen in the Nifty index on Thursday, as some heavyweights from the banking space showed positive move but the FMCG sector pulled the index down. The near term trend continues to be corrective as there are no reversal signs seen yet.

The RSI readings on the lower time frame chart are in the oversold zone, but in a trended phase markets can correct in the oversold territory as well. FIIs selling which has been the prime reason of this month’s decline continue to be negative and until we see signs of short covering or long formations there, the momentum is likely to remain negative. Hence, we continue with our cautious approach and advise traders to wait for some signs of reversal.  

Nifty consolidates in a narrow range, FMCG drags lower

nifty-chart

 

Bank Nifty Prediction for 25th October 

The Nifty Bank index outperformed the Nifty and traded with a positive bias throughout the day. The index has been consolidating in a range since last few days and the momentum readings are also showing signs of consolidation. Hence, we might see some sideways move where 51000 is seen as the immediate support while resistance is around 52200-52500. A breakout beyond this range could then lead to a directional move in the direction of the breakout.

bank nifty chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 24270 79600 51220 23620
Support 2 24200 79380 50900 23500
Resistance 1 24470 80300 51800 23970
Resistance 2 24550 80500 52080 24080

 

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