Market Outlook for 05th December 2024
Market Outlook for 29 October 2024
Last Updated: 29th October 2024 - 10:34 am
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.
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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 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.
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 |
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