Market Outlook for 01 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 1st August 2024 - 10:16 am

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Nifty Prediction for Tomorrow - 01st August

Nifty continued to consolidate within a narrow range ahead of the FOMC meeting in Wednesday’s session and ended around 24950 with minor gains.

In last three trading sessions, Nifty has consolidated within a narrow range as market participants seem to be waiting for the outcome of the FED’s decision on interest rates in the U.S. and the global markets reaction on the same. However, the index has not breached any support in this consolidation which is a good sign. The immediate support for Nifty is placed around 24750 followed by 24600.

Only if the index breaks these supports then we could see some correction else the uptrend shall continue. The 25000 mark has not been breached yet and a breakout above the same could lead to an up move towards 25330. Traders are advised to trade in the direction of the breakout as we would see a trended move once the index surpasses these hurdles.

 

                  Breakout from consolidation could lead to trended move in Nifty

nifty-chart


Bank Nifty Prediction for Tomorrow - 01st August

bank nifty chart

The recent pullback in the Bank Nifty resisted around the 61.8 percent retracement which was placed around 52250. The Banking index has relatively underperformed the benchmark recently and hence, a breakout above the hurdle of 52250-52350 is required for a resumption of the uptrend. On the flipside, the immediate support is placed around 51150 which if broken, then we could see some selling pressure again.               

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24800 81270 51150 23200
Support 2 24740 81100 50870 23070
Resistance 1 25130 82060 51850 23580
Resistance 2 25330 82300 52030 23730

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