October 28, 2024
The markets appear to be in a correction mode today, signaling possible directional changes. Let’s examine the expected performance of Nifty 50 and Bank Nifty.
Nifty 50 Analysis:
Nifty 50, the primary index for the National Stock Exchange of India (NSE), is experiencing a corrective phase.
| Scenarios | Description | Positions to be Initiated |
|---|---|---|
| I | Nifty above 24,368 | Continuing Bullish |
| II | Nifty between 24,368 and 23,779 | Sideways |
| III | Nifty below 23,779 | Continuing Bearish |
The forecast suggests a bullish trend if Nifty 50 sustains above 24,368, sideways movement between 24,368 and 23,779, and bearish sentiment if it falls below 23,779.
Bank Nifty Analysis:
Bank Nifty, a sectoral index for the NSE, is also in a corrective mode.
| Scenarios | Description | Positions to be Initiated |
|---|---|---|
| I | Bank Nifty above 51,532 | Continuing Bullish |
| II | Bank Nifty between 51,532 and 50,735 | Sideways |
| III | Bank Nifty below 50,735 | Continuing Bearish |
The outlook for Bank Nifty suggests a bullish trend if it sustains above 51,532, sideways movement between 51,532 and 50,735, and bearish sentiment if it falls below 50,735.
For a detailed analysis and insights, watch our latest video. As we monitor key levels on this Monday, let’s stay informed, stay vigilant, and trade wisely. 📈🧭 #MondayTrading #Nifty50 #BankNifty #TradeEncore
