As of today, FIIs are the net sellers in the cash market from the last 10 trading days, which is not usual but Nifty is slowly recovering from the month’s low and yeah we have seen a consolidation in the Nifty 50 last week after a heavy sell-off.
But as of now, Nifty is trying to recover where in today’s early trade Nifty rallied and sustained above the 25,000 mark, which is a positive sign for the market led by Banking, IT, and Realty stocks where the Nifty bank rallied 1.25%, Nifty IT rallied 1.26%, and Nifty Realty rallied 1.03% respectively.
On the daily chart, Nifty has formed a Bullish Marubozu-type candlestick on the support level of 25,000 and yeah it surpassed the 50 DEMA on the daily chart too, indicating a support zone near the 25,000 level.
From where, Nifty is likely to rally higher in the coming days with support at 25,000 followed by 24,800 and 24,500 levels.
On the higher side, Nifty must need to cross and sustain above the 25,250 level which is at its 50 DEMA to sustain the recent rise.
Crucial Level for Bank Nifty for Tuesday, 15th October 2024
| Nifty Support | 25,000, 24,900, 24,800 |
| Nifty Resistance | 25,250, 25,400, 25,500 |
Bank Nifty Prediction for 15th October 2024
Following Nifty, Bank Nifty also rose but today, it rallied double the Nifty led by Private sector banks and mainly the Bank NIfty Index Heavyweight HDFC and ICICI Bank.
Bank Nifty formed a complete Bullish Marubozu Candlestick on the Daily chart from the 100 DEMA line and surpassed the 50 DEMA too indicating a strong buying momentum that would ultimately lead the market in the coming days, and we may see Bank Nifty crossing 53,000 this week too.
Anyway, the Index ended the day with a gain of 644 points or 1.26% which is relatively higher than the benchmark indices, and closed near the key resistance level of 52,000 which is a positive sign for the market participant.
So, for Tuesday, 15th October 2024, the nearest resistance for the Bank Nifty index is 52,000 followed by 52,500 and 52,750 levels. Whereas the support is placed at the 50 DEMA near the 51,750 mark followed by 51,500 and 51,000 levels.
Crucial Level for Bank Nifty for Tuesday, 15th October 2024
| Bank Nifty Support levels | 51,750, 51,500, & 51,000 |
| Bank Nifty Resistance Levels | 52,000, 52,500, & 52,750 |
