Nifty was not able to defend the recent low of 24,566 on Tuesday. There was volatility in the market on Monday, but pressure remained in the market throughout the day on Tuesday. This is the reason that the market broke many important levels yesterday and has now slipped to a 2-month low. Yesterday, selling was seen on any rise. Within a month of reaching the record high of 26,277, Nifty has slipped by about 7%.

The index has seen a decline of about 2,000 points. On Tuesday, the Nifty slipped to an intraday low of 24,445 and closed only 30 points higher from here. However, ICICI Bank and Nestle were the only two Nifty stocks that closed in the green yesterday.

Strong selling in the broader market compared to the major index has increased the concern of investors. The midcap index has fallen 7% since the highs of 24 September. Out of this, about 50% i.e. a decline of 2,500 points has been seen in the last 2 sessions. About 35 stocks in the midcap index have closed with a decline of 10% or more. Stocks like Vodafone Idea and Cochin Shipyard have fallen almost half from their recent peak. This week, both sessions have seen a strong beating after weak or poor results. Stocks have seen a decline of 8-10% after weaker than expected results. However, in the meantime, City Union Bank also showed strong growth and the stock has also got the support of brokerage firms. The market capitalization of the total listed stocks has seen a decline of about ₹ 13.7 lakh crore in the fall on Monday and Tuesday. Today is also the weekly expiry of Nifty Bank. Apart from this, the reaction of the results of stocks like Bajaj Finance, Amber Enterprises, Can Fin Homes, ICICI Prudential, M&M Finance, Max Financial Services, Persistent Systems, Coforge, Zomato will be seen. Which companies' results are today? Today, the results of Aster DM, Bajaj Holdings, Craftsman Auto, Dodla Dairy, Godrej Properties, Heritage Foods, KPIT Tech, Metro Brands, NDTV, Nuvoco Vistas, Rane Engineering, Thyrocare and other companies are to be released from the cash market. F&O will release the Q2 results of SBI Life, Godrej Properties, Birlasoft, Dr Lal PathLabs, Piramal Enterprises, AU Small Finance Bank, United Spirits, TVS Motor, HUL, Navin Fluorine, Pidilite Industries, Syngene, Bajaj Finserv. Signals from global markets In the US market, the S&P 500 index and the Dow Jones closed with a slight decline yesterday. However, the Nasdaq closed with a gain of about 0.2%. After better-than-expected results, Philip Morris saw a rise of 11%. The 10-year US bond yield has reached 4.2%. The bond yield has got a boost due to strengthening economic data and decreasing concerns about reduction in fiscal deficit. Also, there are fewer indications of further rate cuts. The IMF says that there are signs of stronger growth in the US economy than expected. The slowdown in China will continue. The IMF has reduced the global growth forecast from 3.2% to 0.1%. Talking about Asian markets, it is starting with a rise. However, after some time some of these markets were seen trading flat or negative. Japan's Nikkei index is trading flat. South Korea's Kospi index is trading with a rise. Hong Kong's Hang Seng index is also trading higher. FIIs - DIIs figures

Foreign institutional investors continued to sell in the cash market on Tuesday as well. In October, FIIs have sold more than $10 billion in the cash market so far. At the same time, domestic institutional investors have made a net purchase of ₹5,869 crore in the cash market yesterday.

Outlook for Nifty for today
Rajesh Bhosale of Angel One says that after operating in a range for the last several weeks, the market has now slipped downwards. Nifty has slipped below 89-DEMA. Now the important support for Nifty is at 24,200. The first support is at the level of 24,300. There is resistance for Nifty at the level of 24,650 - 24,700. Traders should avoid creating long positions until there is a signal of bullish reversal.

Jatin Gadiya of Sharekhan said that Nifty has broken the 20-WEMA of 24,719, which is a sign of weakness in the market. Nifty may slip to 24,000, where maximum open interest is seen on the put side. On the upside, there is resistance for the index at the level of 24,900 - 25,000.

Nagaraj Shetti of HDFC Securities says that in the short term, the trend of Nifty is of weakness. After slipping below 24,450 and settling, the index may slip to the level of 24,000. There is resistance for Nifty at the level of 24,700. Any pullback to this level should be seen as a selling opportunity.

Outlook for Nifty Bank for today:
Selling pressure was seen on Nifty Bank in yesterday's session. Weekly expiry of Fin Nifty also strengthened volatility in the market. On the downside, the level of 51,000 has become very important for the index. After breaking this level, further selling in the index may increase.

Rishikesh Yedve of Asit C Mehta Investment Intermediates says that the daily chart is indicating further weakness in Nifty Bank. Nifty Bank is now very close to 100-DEMA i.e. 51,100. After slipping below 51,000, further selling may increase in the index.