Nifty Price Prediction for 22 Oct 2024

The price overlap on the Nifty chart indicates that the correction is still ongoing, even without knowing anything more. Our best guess is that this phase of correction will take longer than expected. There is likely to be one more upward rise remaining before the correction ends, regardless of whether it's a flat or triangular correction. After the correction is over, the market will likely turn negative again, which might mean the decline will quickly continue.

NIFTY 50 / 5 MIN

When looking at the downside, prices may find support around 24,700, 24,600, and 24,570, which are important support levels to monitor before costs begin to rise again. Conversely, 25,000 and 25,100 serve as the first points of resistance. A sudden and severe decline could occur if the wave count is wrong and the price falls below the previous low.


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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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