Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Nifty Prediction for 23 October 2024
Nifty fell by 1.25%, closing at 24,472.10, following bearish patterns and breaking below the strong support of 24,500. Realty, PSE, and Auto sectors were significant losers, while small-cap indices dropped sharply. Support for Nifty still stand at 25,450 level indicating a potential bounce-back expected for October 23, 2024, along with anticipated better banking stock results.
As Expected Nifty fell after multiple forming of multiple bearish signals on the previous day, including a Dark Cloud cover pattern on the daily chart, and a Descending Triangle Pattern on the hourly chart, and takes surprising breaks below the support level of 24,500 which is the strongest support for Nifty.
Anyway, the Index closed with a loss of 1.25% or 309 points where the leading losers were the Realty Index, followed by PSE, Commodities, Oil and Gas, and Auto.
While the major Indices fell sharply today with an average of 1%, the small-cap and Midcap indexes bleed the most where the Samllcap index is down by 3.92% and the midcap index is down by 1.98% at the end of the day.
Nifty found its support at 24,460 after forming a Bearish Marubozu Candlestick in the second last hour of the trading session and closed just below the 24,500 level at 24,472.10
Looking at the Nifty 50 Stocks,
Top Gainers: ICICI Bank, Nestle, Infosys
Top Losers: Bharat Electronics, M&M, Coal India, Adani Enterprises, SBI
Also Read: Top Mutual Fund Houses in India.
Nifty 50 Prediction for 23 October 2024
On the hourly chart, Nifty breaks below the Ascending Triangle pattern and surprisingly breaks below its one of strongest support levels of 24,500 and closes the day below it. Following this, the RSI on the hourly chart just moved below 30 which is the Oversold zone and a Bounce back from here is expected in the next trading session.
Still Nifty has maintained its support on the 24,500 level as the PUT OI is still higher than the Call OI on the 24,500 level suggesting a Pullback in the early trading session on 233rd October 2024.
On the daily chart, the Nifty50 follows the Bearish Pattern and fell sharply by more than 300 points where the Nifty found its support at the 100 DEMA and likely rise from here. Also following today’s fall the RSI On the daily chart fell near 30 indicating that the market is oversold as of now and a Buyback is expected on Wednesday.
Nifty Futures
Nifty Futures look strong compared to the Index as it fell only 1.06% and managed to find support at 24,500 and closed near above this support level showing a positive sign for tomorrow’s market.
What to Expect from Nifty on 23 October 2024
A rise on Wednesday, 23 October 2024 is expected and Nifty is likely to maintain its support at the 24,500 level with immediate support for the Index at the 24,450, 24,400, and 24,200 levels.
while the Index is weak, the support level still stands strong for Nifty and better Banking stock results will likely take the index higher on Wednesday. Expecting a Rise tomorrow, Nifty’s nearest resistance is at the 24,600 level followed by 24,700 and 24,800 levels.
“Here are the trading levels for Nifty – 24,200 – 24,800“
Nifty 50 Support and Resistance for 23 October 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,450 – 24,400 | 24,600 |
| 24,300 | 24,700 |
| 24,200 | 24,800 |
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 🙂
