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Nifty Prediction for 17 October 2024. Nifty Expiry Analysis
Nifty is currently consolidating between 24,900 and 25,200, facing resistance at 25,000 and closed the day after a loss of 86 points. The market sentiment appears bearish amid global declines, although a spinning bottom pattern suggests potential upward movement. The weekly expiry may influence volatility, with resistance likely at 25,000 and 25,200.
Nifty is facing resistance from the 25,000 level and has been consolidating for the last week between a narrow range of 24,900 and 25,200 after a steep fall last month.
Today Nifty opened lower but somewhere tried to be positive but selling from the higher levels put Nifty down once again where it closed with a loss of 86 points or 0.34% and it seems that the Index is taking support and likely to rise later.
But as of now, the sellers are dominating the market and there is no sign of any bullishness in the market as the global market is also trading in red.
India Vix also rises during the day but cooled off later settling with a gain of just 0.38% which somewhere indicates a positive sentiment among buyers in the market.
Looking at the Nifty 50 Stocks,
Top Gainers: HDFC Life, Dr. Reddy, Grasin Industries, HDFC Bank, Bajaj Auto
Top Losers: Trent, M&M, Hero Motorcorp, Infosys, Adani Ports
Also Read: IREDA Share Price Prediction for 2025 to 2030
Nifty 50 Prediction for 17 October 2024
On the daily chart of Nifty50, the index formed a spinning bottom candlestick at the support level which indicates that the market is ready to rally higher surpassing the 25,000 mark and maybe rise above the 15DEMA on the expiry day.
Anyway, 25,000 is still active as a seller zone for Nifty50 where the Call OI is almost 1.5 times the Put OI which is likely tough for Nifty to cross but as tomorrow is the weekly expiry of the Index we may see a high volatile market and Nifty may try to close the day above the 25,000 mark.
We are not seeing enough buying on 17th October as the market is in the consolidation phase and more likely acting bearish so there may be a chance that the Index may fall and take support at the nearest support level.
What to Expect from Nifty on 17 October 2024
Market view is Bearish, but as tomorrow is that weekly expiry of the Nifty 50 and the INdex made a spinning bottom at the support level we may see a buying in the market on 17 October with resistance at the 25,000 followed by 25,200 level.
On the hourly chart, Nifty has formed an Ascending triangle pattern which also indicates a potential Bullish market sentiment hence we may see some sort of buying in the market on Thursday.
Nifty October futures are likely negative forming a symmetrical triangle pattern and possibly no sign of positivity in the Nifty futures.
So the market may consolidate on 17 October 2024 within a range following the weekly expiry or likely trade higher but resistance at 25,000 and 25,200 will stop any further upmove.
“Here are the trading levels for Nifty – 24,800 – 25,200“
Nifty 50 Support and Resistance for 17 October 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,900 | 25,000 |
| 24,800 | 25,100 |
| 24,500 | 25,200 |
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Happy Trading 🙂
