MARKET OVERVIEW : 24th OCTOBER (WEDNESDAY)

Tomorrow might the important day that most of investors are waiting for. After falling below its crucial support level of 10100 bulls have taken charge in Index and pull Nifty future back towards 10180 levels in the last hour today which shown sign of positivity for bulls as bears couldn’t hold Nifty future at lower levels and finally lost its momentum to bulls.

On daily chart Nifty future has formed spinning top candlestick pattern after open gap down today which is trend reversal in nature

RSI has shown bullish divergence on charts which is positive signal for index

Nifty future is in the formation of double bottom price pattern which is another positive for index

In last 3 trading session we had seen that Bank Nifty future has not fall as much as Nifty future and whenever market shown recovery then Bank Nifty future has recovered fast as compare to Nifty future.

Bears are losing their hand and this is an opportunity for investors and traders. Risk reward ratio is in our favor at current scenario. This is the time to accumulate quality stocks.

24500 and 10100 is very crucial support level for both Bank Nifty future and Nifty future on closing basis and if Nifty future manages to sustain beyond 10290 levels then we might see Nifty future trading 10600 and Bank Nifty future at 26000 level soon.

MARKET HIGHLIGHTS

As we said in our commentary, market is in correction mode today

 Still we are witnessing stock specific movement which allow us to earn in both side of the market
 Maximum OI in nifty call is at 11500 which will act as crucial resistance for this expiry
 11400-11420 is key support for short term movement
 Buying on extreme dips and sell on high strategy to be adopt for today