Market Outlook for 02 July 2024

Ruchit Jain

Last Updated: 2nd July 2024 - 10:22 am

Nifty Prediction for Tomorrow - 02nd July

Nifty started the day around 24000 mark and witnessed a gradual up move to end the first session of the week above 24100 with gains of about half a percent.

Nifty continued its move in the direction of the primary trend, and although no major move was seen on the index the stock specific momentum was robust with outperformance seen from the IT sector.

The RSI readings are hinting at a continuation of the momentum while the buying interest of FIIs is leading the markets higher. Although the FIIs positions in the index futures are long-heavy, there are no signs of unwinding yet and hence until there are any signs of reversal on charts or in data, traders should continue to trade with a positive bias.

he immediate support for Nifty is placed around 23900 followed by 23700 while the index has potential to rally towards 24600 in the near term as per the retracement levels.

Outperformance in IT stocks keeps uptrend intact

nifty-chart

Bank Nifty Prediction for Tomorrow - 02nd July

The Bank Nifty index also posted gains of around half a percent in Monday’s session and traded within a narrow range. The RSI on the lower time frame had recently given a negative crossover, but the overbought set ups are relieved now and we may see a continuation of the uptrend in the banking index as well.

Hence, traders should look to trade with a positive bias and look for buying opportunities on intraday declines. The immediate supports for Bank Nifty are placed around 52170 and 51680.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	NIFTY Levels	SENSEX Levels	BANKNIFTY Levels	FINNIFTY Levels
Support 1	24000	79100	52170	23440
Support 2	23900	78750	51970	23250
Resistance 1	24265	79925	52770	23740
Resistance 2	24360	80300	52950	23850

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Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

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