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Nifty Prediction for 24 October 2024
Nifty faced its third consecutive loss, closing down 36.60 points at 24,435.50, influenced by selling pressure and resistance at the 100 DEMA. Despite this, an Inverted Hammer pattern indicates a potential reversal from the 24,400 support level on Thursday. Strong institutional selling has led to a more than 7% decline since its peak.
Nifty continued its losing streak for the third straight day despite trading in the green for the whole day, selling pressure from the resistance level took it down 36.60 points from its previous closing where Nifty ended the day at 24,435.50 a bit below its 100 DEMA.
Also, it has shown some strength in the early session, where Nifty takes support at the 24,400 level and forms an Inverted candle which indicates an upcoming reversal.
Today, the PSE and Healthcare Index led the Nifty down but the IT sector rallied the most with a gain of 2.38% where the Persistent Systems and CoForge led the Index.
Looking at the Nifty 50 Stocks,
Top Gainers: Bajaj Finance, Tech Mahindra, Tata Consumer, Bajaj Auto, HDFC Bank
Top Losers: M&M, Sun Pharma, Eicher Motors, Shriram Finance, Power Grid
Also Read: Top Bearish Candlestick Pattern for Intraday Trading
Nifty 50 Prediction for 24 October 2024
On the daily chart, Nifty has formed an Inverted Hammer candlestick pattern, which is a bullish reversal candlestick pattern on the support level of 24,400 which is again a positive signal for the market.
Also, the RSI on the daily chart is just on the verge of an Oversold market indication which is again a Bullish sign indicating that Nifty will likely take a U-turn towards 25,000 soon.
On the technical chart, Nifty is facing a hurdle from its 100 DEMA mark which is what it tried to recover from in today’s session but failed and closed the day forming an Inverted Hammer led by IT stocks.
FIIs have pulled out the highest cash in October
In the cash segment, we can see that till yesterday, FIIs have pulled out more than 86,000 crores from the Indian market which is the highest after March 2020 in a single month, and as a result, Nifty 50 has fallen more than 7% from its all-time high level.
What to Expect from Nifty on 24 October 2024
Nifty has strong support at the 24,400 level and this is the point from where Nifty jumped today despite opening the gap down, forming an Inverted Hammer – which indicates a Bullish Reversal in the Market soon.
And, tomorrow is the weekly expiry of the Nifty50 which is why we are expecting a positive move from Nifty and likely it will try to break its 3-day losing streak also, so its more likely that Nifty will break above the resistance level of 24,500 on Thursday, 24 October 2024.
On the lower side, Nifty has strong nearby support at the 24,400 level followed by the 24,200 and 24,000 mark, whereas on the higher side, it has resistance at 24,500 followed by 24,700, 24,800, and 25,000 levels.
“Here are the trading levels for Nifty – 24,400 – 24,800“
Nifty 50 Support and Resistance for 24 October 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,400 | 24,500 |
| 24,200 | 24,700 |
| 24,000 | 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 🙂
