#Nifty50 outlook for upcoming week 21-25th Oct 2024
The Nifty 50 index concluded the week at 24,854, a 110-point decline from the previous week's close. Despite hitting a high of 25,212 and a low of 24,567, the index remained within its expected trading range of 25,550 to 24,350. Looking ahead, I anticipate the Nifty to continue trading between 25,400 and 24,300.
A breakdown below 24,486, the WEMA21 support level, would signal a bearish trend, potentially leading to a decline towards 23,400 or 23,300. Conversely, a sustained move above 25,144 could pave the way for a rally to 25,500-25,600.
Meanwhile, the S&P 500 index achieved a new all-time high weekly close of 5,864, up approximately 40 points from the previous week. This suggests a potential upward move of 2-2.5% from its current level, targeting the significant Fibonacci level of 6,013. It remains to be seen if this positive momentum in the U.S. market will translate into a recovery for the Indian stock market."
A breakdown below 24,486, the WEMA21 support level, would signal a bearish trend, potentially leading to a decline towards 23,400 or 23,300. Conversely, a sustained move above 25,144 could pave the way for a rally to 25,500-25,600.
Meanwhile, the S&P 500 index achieved a new all-time high weekly close of 5,864, up approximately 40 points from the previous week. This suggests a potential upward move of 2-2.5% from its current level, targeting the significant Fibonacci level of 6,013. It remains to be seen if this positive momentum in the U.S. market will translate into a recovery for the Indian stock market."
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