Nifty50 analysis for upcoming week 7-11th Oct 2024
The Indian stock market had a volatile week, primarily driven by the escalating Iran-Israel conflict. The Nifty 50 index closed at 25,014, down 1,170 points from the previous week's close. The index made a high of 26,134 and a low of 24,966 during the week.
For the coming week, the expected range for the Nifty 50 is 25,600 to 24,400. A breach of these levels could lead to further volatility. The crucial support level is at 24,450, which is the WEMA21 support. If the index breaks below this level, a correction towards 23,000 is possible.
On the other hand, the S&P 500 index closed at 5,751, forming a bullish hammer candle, which is a positive sign for the US market. If the S&P 500 can sustain above 5,800 next week, it could rise further to 5,820, 5,899, or even 6,012. A strong performance in the US market could help Indian markets recover.
Overall, the market outlook for the coming week remains uncertain due to the ongoing geopolitical tensions. However, there is a possibility of a bounce in the market, especially if the S&P 500 continues to show strength.
For the coming week, the expected range for the Nifty 50 is 25,600 to 24,400. A breach of these levels could lead to further volatility. The crucial support level is at 24,450, which is the WEMA21 support. If the index breaks below this level, a correction towards 23,000 is possible.
On the other hand, the S&P 500 index closed at 5,751, forming a bullish hammer candle, which is a positive sign for the US market. If the S&P 500 can sustain above 5,800 next week, it could rise further to 5,820, 5,899, or even 6,012. A strong performance in the US market could help Indian markets recover.
Overall, the market outlook for the coming week remains uncertain due to the ongoing geopolitical tensions. However, there is a possibility of a bounce in the market, especially if the S&P 500 continues to show strength.
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