By:- B.T Team
Image Credit:- Google
Nifty 50 and Bank Nifty poised for a positive start on October 7, 2024, after a rough week of losses.
Indian Stock Market Opens Higher
Recent gains in global equities are uplifting market sentiment, signaling potential recovery for Indian indices.
Global Gains Boost Sentiment
Promising Signals
Gift Nifty suggests Nifty 50 could open around 25,250, approximately 60 points higher than previous close.
Week in Review
Last week saw significant declines: Sensex down 808.65 points and Nifty 50 down 235.50 points on October 4.
Analysts note the formation of a bear candle for Nifty 50, indicating ongoing selling pressure.
Bearish Indicators
Support and Resistance
Nifty 50 support at 25,000; resistance at 25,300. A break below 24,950 could target 24,500.
Options Data Highlights
Significant OI on puts at 24,500, suggesting strong support. Resistance levels identified at 25,400 and 25,500.
Trader Recommendations
Experts advise caution: implement stop-loss measures and avoid overnight long positions amid market volatility.
Bank Nifty fell by 383.15 points to 51,462.05. Short-term outlook remains weak, targeting 51,000-50,840.
Navigating Volatility
As market dynamics fluctuate, traders must focus on sound risk management and stay alert to market trends.