Market Mood - 14/10/2024

14 thg 10

Markets are expected to be rangebound for today as well unless there is a news/event that moves the market abruptly.

• If the market opens above 24,965 - it will touch 25,700 and might bounce back if the resistance is strong.
  
• If the market opens below 24,964 - it will touch 24,772 and then bounce back in the upward movement as the support is HUGE. Else, it will touch 24,165 and will definitely bounce back.
  
• Strong Support at 24,964 which combines both the horizontal and parallel support levels. This mid-line has been providing support since the third week of July.
  

GIFT Nifty is trading at 50 points down and the rest of the Asian markets, barring Hong Kong, are trading positive. It seems that the Israel/Palentine/Iran war has been factored in.

• Resistance based on pivot points: 25,012, 25,038, and 25,080
  
• Support based on pivot points: 24,930, 24,904, and 24,862