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Nifty Prediction for Monday, 21 October 2024.
Nifty experienced a downturn but found support at 24,550, later rising 0.42% driven by Banking and Metal stocks. It faces resistance at 24,900 but shows bullish signs with a Piercing Candlestick pattern, indicating potential to breach 25,000 mark once again. Market movements remain uncertain due to ongoing earnings reports. Support and resistance levels are 24,500-24,600 and 25,000-25,200.
Nifty opened lower and started falling till it took support at the 24,550 level and then started rising led by the Banking Heavyweights including ICICI Bank and Axis Bank along with Metal stocks and ended 0.42% higher or 104.20 points up from the previous closing.
But still, it is facing resistance at the 24,900 level before entering the 25,000 mark, but this is just an illusion as Nifty forms a Piercing Candlestick pattern which is a Bullish Reversal Pattern on the daily chart which means the market is ready to take off and likely to cross the resistance of 25,000 once again.
Today Banking Stocks rose the most, followed by Metals and Commodities, and on the other side, It stocks slipped badly followed by FMCG stocks.
Looking at the Nifty 50 Stocks,
Top Gainers: Axis Bank, Wipro, Eicher Motors, ICICI Bank, Shriram Finance
Top Losers: Infosys, Britannia Industries, Asian Paints, Nestle, Tech Mahindra
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty 50 Prediction for 21 October 2024
Nifty is once again trying to reach the 25,000 mark after two-time rejections which indicates a strong Bullish Sentiment forming in the market, and this time Nifty is likely to make it above the 25,000 mark as it forms a Piercing Line Candlestick on the Daily chart – which is a Bullish Reversal Candlestick.
Also the Index has taken multiple support around the 24,500 – 24,600 levels and till these levels are intact we can expect a positive market in the coming weeks or a consolidation phase also be likely to incur as the result season is going on.
What to Expect from Nifty on 21 October 2024
Nifty is likely to rise on Monday as it forms a Piercing Line Candlestick on the Daily chart after taking support at the 24,500 level which is at its 100 DEMA and the next resistance is at the 50 DEMA which is at the 25,000 mark.
Also, the result season is going on, so we can’t explain any such predictable moves as a bad result of a heavyweight stock can lead the Index down or a good result of any heavyweight can lead to a bull in the market.
So Instead of going after the Index, I advised going after stock-specific options with 24,500 and 24,600 as a support area and 25,100 and 25,200 as an immediate resistance zone, and till these levels are intact you can easily trade using Range Bound Strategies.
“Here are the trading levels for Nifty – 24,800 -25,100“
Nifty 50 Support and Resistance for 21 October 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,800 | 24,900 |
| 24,700 | 25,000 |
| 24,500 | 25,200 |
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 🙂
