New Delhi: The Indian stock market is poised for a positive start on October 14, tracking gains in global markets. The Gift Nifty indicates a mildly positive opening for the domestic benchmark index.
Previous Session Recap
On Friday, the Nifty 50 closed below 25,000, dropping 34.20 points (0.14%) to 24,964.25. The Sensex fell 230.05 points to 81,381.36.
Technical Analysis
The Nifty 50 formed a small negative candle on the daily chart, indicating continuation of narrow range movement. The weekly chart shows a small negative candle with upper and lower shadow, signaling a high wave type candle pattern.
Market Expectations
Experts predict
1. Nifty 50 to consolidate between 24,800-25,320 levels.
2. Upside bounce possible from 24,500 support level.
3. Call writing at 25,000 and 25,200 strike options to act as strong supply zones.
4. Support zones at 24,900 and 24,840.
Bank Nifty Outlook
Bank Nifty is expected to follow the Nifty 50 trend, with potential support and resistance levels:
1. Support: 22,800-22,500
2. Resistance: 23,200-23,500
Global Market Cues
Global markets are trading positively, with the US Dow Jones and S&P 500 indices showing gains.