Market Outlook for 02 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 2nd August 2024 - 11:26 am

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Nifty Prediction for Tomorrow - 02nd August

Nifty started the day on a positive note and surpassed the milestone of 25000 mark at open. The index consolidated in a range throughout the day and managed to end the day just above 25000 level.

The Nifty index finally hit the milestone of 25000 mark for the first time and resumed the uptrend post a small consolidation phase. However, the market breadth was in favor of the declines as some profit booking was seen in the midcap and the small cap stocks.

On the index, the trend still remains positive and the immediate support for Nifty is now placed at 24800-24750 zone. A break below this support will indicate a shift in the short term momentum and till then, we could see a continuation of the uptrend. On the higher side, the index could approach 25300-25350 zone in the near term.  

 

                  Nifty hits the milestone of 25000

nifty-chart


Bank Nifty Prediction for Tomorrow - 02nd August

bank nifty chart

The Bank Nifty index continued to consolidate in a range as it has been seen since last few sessions. The immediate support for the index is placed at 51200-51150 zone while resistance is seen around 52250-52350 zone. A breakout beyond this zone could lead to a trended phase in the index and hence, traders should trade with a stock specific approach in stocks from the banking space.          

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24890 81470 51200 23300
Support 2 24800 81240 50950 23200
Resistance 1 25140 82320 52050 23600
Resistance 2 25200 82530 52300 23700

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