Save Big, Invest Smart!

Open a Demat Account & Save ₹336/Year!

• Zero Platform Fees 🆓

• Zero AMC Charges 💸

Invest without hidden costs and keep more of your money. Start your journey today and enjoy hassle-free savings!

What's the Market Sentiment Today? Nifty and Bank Nifty Analysis for October 2024

The stock market can be unpredictable, and today’s trends hint at a shaky start for both Nifty and Bank Nifty. After yesterday’s heavy profit booking and volatile session, concerns about further weakness exist. In this post, we’ll break down the key market insights, technical analysis, and global cues impacting today's market.

• What is happening in the share market today?

• Which stock is increasing daily?

• What stock to buy tomorrow?

• What is the prediction of today's share market?

• Which 10 RS share is best?

• Who is No. 1 in the share market?

• Which share is high profit?

• Which stock grows very fast?

• What are the top 10 shares today?

• Which stock is best for intraday?

• What will be nifty today?

• Can I buy Nifty 50 today?

Your Queries....

1. Nifty's Outlook: Is a Drop Expected?

After yesterday’s profit booking spree, Nifty is showing signs of further instability. Foreign Institutional Investors (FIIs) sold shares worth ₹2,262 crore, while Domestic Institutional Investors (DIIs) bought ₹3,226 crore shares. This imbalance points towards a risky sentiment today, with a negative market trend.

Key Nifty Statistics:

• Expected trading range: 24,000 to 25,500 for October.

• Indian Volatility Index (Fear Index): Increased to 13.76.

• Put-Call Ratio (Nifty’s October expiry): 0.92.

2. Global Cues Driving the Market

The global markets are also contributing to the negative sentiment. Rising crude oil prices, spurred by escalating tensions in the Middle East, are impacting global financial systems. Moreover, FIIs have already withdrawn ₹8,480 crore from Indian equities this October, creating pressure on the market.

Other factors to watch:

• Middle East tensions between Israel and Hezbollah.

• Crude oil price rise.

• Political uncertainty surrounding the upcoming state elections in Maharashtra and Jharkhand.

These catalysts are making the market environment highly volatile today.

3. Key Support and Resistance Levels for Nifty & Bank Nifty

Today’s market is set to test some crucial levels. Here’s what traders need to focus on:

• Nifty’s Key Support: 24,350

• Nifty’s Key Resistance: 25,521

• Bank Nifty’s Key Support: 51,000

• Bank Nifty’s Key Resistance: 52,500

The market bias remains negative, with limited upward movement expected unless the Nifty surpasses the 25,521 mark convincingly.

4. Stock Performance Highlights: Hits and Misses

• HDFC Bank: Posted strong Q2 results with a 21% year-on-year profit growth, reaching ₹546 crore.

• Ultratech Cement: Shares dropped 2% following a disappointing Q2 report, with consolidated net profit falling 36%.

• RBL Bank: Fell 14%, hitting a 16-month low due to weak quarterly performance.

• IRCTC: Gained 3.7%, reaching a new high after reporting strong Q2 earnings and successful sales of a residential project worth ₹1,348 crore in Thane.

These stock performances are a mix of both positive and negative trends, reflecting the uncertain market environment.

5. Upcoming Key Events to Watch

Today, the market will be watching for the Q2 results from key players like Bajaj Finance, M&M Financial, and Paytm. Their performances will likely have a significant impact on market sentiment going forward.

Conclusion:

The market outlook for today suggests a high-risk environment with volatility expected in both Nifty and Bank Nifty. Traders should keep an eye on the critical support and resistance levels and stay updated on global cues. While some stocks like HDFC Bank and IRCTC have shown resilience, overall market sentiment remains cautious.

Are you ready for today’s trading session? Keep your strategies flexible and your eyes on the data.

If you found this analysis helpful, share this post with fellow traders, and don’t forget to subscribe to our newsletter for more daily market insights.

#MarketUpdate #NiftyAnalysis #BankNifty #StockMarketNews #TradingTips #StockMarketHindi #InvestmentTips #HyundaiIPO #GlobalMarketUpdate #NiftySupportAndResistance

Save Big, Invest Smart!

Open a Demat Account & Save ₹336/Year!

• Zero Platform Fees 🆓

• Zero AMC Charges 💸

Invest without hidden costs and keep more of your money. Start your journey today and enjoy hassle-free savings!

Disclaimer:

The information provided herein is intended solely for educational purposes and should not be construed as financial advice. Investing and trading in financial markets involve significant risk, and it is essential to make informed decisions. Before making any investment or trading decisions, carefully consider your financial situation, investment objectives, and risk tolerance. We strongly recommend consulting with a qualified financial advisor to assess your specific circumstances and provide personalized guidance. The content presented is based on current market conditions and is subject to change without notice. Past performance is not indicative of future results. Proceed with caution and conduct thorough research before making any financial commitments.

Subscribe to get Daily Stock Market Updates.

Shopping for Home