In the stock market today, Nifty hits a two-month low as Sensex falls 931 points amid widespread market sell-off.
Stock Market Nifty Chart Prediction.
On October 22, The Sensex fell by 930.55 points, settling at 80,220.72, while the Nifty decreased by 309.00 points, to reach 24,472.10. Out of the total shares, 553 saw gains, -3,264 experienced declines, and 72 remained unchanged.
Top Nifty gainers: ICICI Bank, Nestle India, Infosys,
Top Nifty Losers: Adani Enterprises, M&M, Bharat Electronics, Coal India, Tata Steel.
All sectoral indices closed lower, with declines of 2-3% observed in the auto, capital goods, metal, power, real estate, telecom, media, and PSU bank sectors.
BSE Midcap index dropped by 2.5%, while the Smallcap index fell by 3.8%.
Stock Prediction for 23rd Oct 2024.
| STOCK | Good Above | Weak Below |
| CONCOR | 848 | 840 |
| HCLTECH | 1830 | 1810 |
| ICICIBANK | 1278 | 1260 |
| M&M | 2916 | 2885 |
Prediction for Wednesday NIFTY can go up if it goes above 25,000 or down after the level of 24,400, but it all depends upon the Global cues.
Nifty started with a gap up, but as the day went on, selling pressure increased, leading to a closing drop of about 309 points. The daily charts indicate that Nifty has decisively fallen below the 20-week average (24,718), signaling weakness. On the downside, we anticipate Nifty may drift toward the 24,400–24,000 range, where there is a significant concentration of open interest on the put side, suggesting support. Conversely, the 25,000–25,500 range is expected to serve as important resistance from a short-term viewpoint.
| Highest Call Writing at | 25,000 (94.7 Lakh) |
| Highest Put Writing at | 24,400 (57.5 Lakh) |
Nifty Support and Resistance
| Support | 24,400 to 24,000 |
| Resistance | 25,000 to 25,500 |
Bank Nifty Daily Chart Prediction.
Prediction For Wednesday, Bank NIFTY can go up if it goes above 52,500 or down after the level of 51,000, but it all depends upon the Global cues.
Bank Nifty opened significantly higher but struggled to maintain those elevated levels, ending the day down by 132 points. The failure to hold onto gains indicates a lack of strength, suggesting further consolidation before any substantial upward movement. The immediate resistance zone is between 52,500 and 53,000, while key support is found at 51,500 to 51,000.
| Highest Call Writing at | 52,500 (42.6 Lakhs) |
| Highest Put Writing at | 51,500 (22.3 Lakhs) |
Bank Nifty Support and Resistance
| Support | 51,500 to 51,000 |
| Resistance | 52,500 to 53,000 |
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