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Bank Nifty Expiry Day Prediction for 23 October 2024
Bank Nifty experienced a significant decline of 1.36%, closing at 51,257.15 after breaking the crucial support level of 51,500. Despite strong banking stock performances, it remains weaker than Nifty. The outlook for 23 October predicts potential volatility and the possibility of falling below 51,000 due to bearish market trends, and the weekly expiry of the Index.
Following Nifty, Bank Nifty also fell sharply despite showing some strength in the early trading session, where it made a day high of 52,257.30 but selling pressure was too intense that the Index fell by 1.36% or 705.55 points.
Bank Nifty is still looking stronger than Nifty because of the better results of the Banking Stocks, but still, the Index broke the support level of 51,500 today and fell sharply in the last trading hour after breaking the support level and closed the day at 51,257.15, near its 100 Day EMA.
Looking at the Bank Nifty Stocks,
Top Gainers: ICICI Bank
Top Losers: Kotak Mahindra Bank, HDFC Bank, Axis Bank, Federal Bank, IndusInd Bank
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Bank Nifty Prediction for 23 October 2024
Bank Nifty is looking weaker than the Nifty despite good banking stock results, but the index is still trading in its range and is likely to recover faster than the Nifty 50.
Despite the break of the crucial support level of 51,500 today, the index managed to sustain above the 51,000 mark and found its support at the 100 DEMA and is likely to rise from here as the heavyweights of the Index are trading positively.
On the larger time frame, Bank Nifty can be seen trading with an Ascending channel Pattern where according to the trendline the support is placed at the 50,700 level, but before this level, Bank Nifty still has strong support at 51,000 level which is less likely to break and the Index is may bounce back from here.
What to Expect from Bank Nifty on 23 October 2024
My view is negative as the global market outlook is bearish and the Index is also not able to find support at any support level because of the Fear Selling and likely that Bank Nifty may travel below the 51,000 mark on Wednesday.
But if the Benchmark index rises, Bank Nifty may follow as the Banking stock has performed well in the last couple of days especially heavyweights including HDFC and ICICI Bank, and as tomorrow is the weekly expiry of the Index we may see a highly volatile market and the Index may break its support level of 51,000 and then bounce back.
“So here are the trading levels for Tomorrow – 50,700 – 52,000“
Bank Nifty Support and Resistance Level for 23 October 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 51,200 | 51,500 |
| 51,000 | 51,800 |
| 50,800 – 50,700 | 52,000 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
