Nifty Price Prediction for 10 Oct 2024

The Nifty chart shows that the correction is not yet over, which might mean that prices go down tomorrow. In such cases, the market can bounce up for some time before continuing its longer-term decline. This scenario is consistent with a continuation of the corrective phase and a subsequent downward trend.

NIFTY 50 / 5 MIN

If we look at the downside, we can see that the 61% and 78% Fibonacci retracement levels provide crucial support, with the first level being at about 24,900 and the second reaching 24,800. It is possible that prices may fall even deeper if the market breaks below the previous low. This might prompt another sharp move to the negative. Traders must closely monitor this as it could signal the start of the next impulsive decline in tomorrow’s market session.


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Disclaimer

This post is just for informative purposes and does not constitute financial advice. Trading and investing involve risk, and past performance does not guarantee future results. Before making an investing or trading choice, readers should undertake their own research and evaluate their own circumstances. The author and platform accept no responsibility for any financial losses or damages stemming from the use of this material. Receive personalized advice from a qualified financial advisor.

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