Market Outlook for 17 October 2024
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Last Updated: 17th October 2024 - 10:39 am
Nifty Prediction for - 17 October
Nifty started the day marginally negative and traded within a range with a negative bias throughout the day. It corrected upto 24900 during the day, but managed to end around 24970 with a loss of one-third of a percent.
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Nifty continued its range bound move with no signs of breakout yet. In last few sessions, we have seen a consolidation in the index where 25200-25250 has acted as a resistance zone. This hurdle needs to be surpassed for a resumption of the positive momentum in the index.
On the flipside, 24920-24880 is the immediate support which was intact on Wednesday. If the index sneaks below this then it could correct upto the 89 DEMA which is at 24700-24600 zone. Traders are advised to wait for signs of a directional move and till then, it is better with a stock specific approach.
Stocks specific move seen in market as index consolidates
Bank Nifty Prediction for - 17 October
The Nifty Bank index also consolidated in a range on Wednesday and resisted around the previous day’s high of 52000-52050. A breakout above this could lead the index towards 52330 and 52830 while 51000-50900 is seen as the immediate support. We could see a continuation of some consolidation until a range breakout is seen on either side.
Intraday levels for Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24880 | 81250 | 51660 | 23800 |
Support 2 | 24800 | 81000 | 51520 | 23700 |
Resistance 1 | 25080 | 81840 | 52000 | 23980 |
Resistance 2 | 25180 | 82170 | 52170 | 24070 |
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