Market Outlook for 29 October 2024

Ruchit Jain Ruchit Jain

Last Updated: 29th October 2024 - 10:34 am

Listen icon

Nifty Prediction for 29th October  

Nifty started the week on a positive note and witnessed a pullback move upto 24500. However, it faced resistance around that level and gave up some of the intraday gains to end below 24400 with gains of about three-fourth of a percent.

The much required pullback move was seen on Monday as the RSI readings on the daily time frame charts were in the oversold zone and the global markets were trading with a positive bias. Although, it's too early to guess that the worst is behind as the index still needs to surpass crucial hurdles.

Nifty witnessed resistance around 24500 where high open interest is seen in call options of derivatives segment. A move above this hurdle is required for an up move towards 24700. As of now, these two levels are seen as immediate hurdles and thus the upmove should be seen as a pullback move only. On the flipside, 24100 followed by 23900 are seen as the immediate supports.

Traders are advised to be very stock specific and wait for confirmation signs before trading for trend reversals.

Market rebounds due to oversold set-ups

nifty-chart

Nifty Bank Prediction for 29th October 

Positive results from ICICI Bank led to a positive momentum in the banking index and it was supported by some of the PSU Banks as well. The RSI oscillator on the daily chart hints at a consolidation and hence, the index could trade within a range in the near term. Hence, traders can look to trade with a stock specific approach within the banking space. The support for the index is placed around 50400-50200 while resistances are seen around 51200 and 52500.


bank nifty chart

 

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

  NIFTY  SENSEX BANKNIFTY FINNIFTY
Support 1 24150 79440 51000 23780
Support 2 23965 78870 50700 23700
Resistance 1 24510 80550 51560 24000
Resistance 2 24680 81100 51860 24120

 

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 05th December 2024

by Sachin Gupta 4th Dec 2024

Market Outlook for 04th December 2024

by Sachin Gupta 4th Dec 2024

Market Outlook for 03rd December 2024

by Sachin Gupta 3rd Dec 2024

Market Outlook for 02nd December 2024

by Sachin Gupta 2nd Dec 2024

Market Outlook for 29th November 2024

by Sachin Gupta 29th Nov 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