Market Outlook for 02 September 2024

Nifty Prediction for - 02 September

Nifty continued a slow and gradual upmove in last one week and it registered a new record high above 25250 at the end of the week. The index ended around the record levels with weekly gains of over one and a half percent.

The August month started with a shakeout move as the index corrected at the start of the month and sneaked below the 24000 mark on negative global cues. However, the index recovered gradually from the lows and with a slow and steady up move, it ended at record highs.

FIIs have rolled over decent amount of index futures long positions from August to September series which is a positive sign. The RSI oscillator is still indicating a positive momentum on the daily chart, although it is a bit overbought on the lower time frame charts. The broader markets have been doing well with no signs of reversal as of now, and hence, we may see a continuation of the uptrend.

Just to relieve the lower time frame overbought set-ups we might see some periods of consolidation or minor dips which should be seen as buying opportunities. The immediate supports for Nifty are placed around 25050 and 24850 while resistance as per the retracements of recent correction will be seen around 25400 and then 25800.

Nifty ends at new record high, starts September on an optimistic note

Bank Nifty Prediction for - 02 September

While the Nifty index has hit a new record high, the banking index is still far from its previous record which hints at a relative underperformance from this sector. However, in the last one week the index has seen a gradual upmove and the RSI hints at a positive momentum.

Hence, we could see a continuation of the consolidation with a positive bias. Traders can look to trade with a stock specific approach in stocks within this sector for the near term. The immediate support for Bank Nifty is placed around 50900 while resistances are seen around 51600 and 52000.

Nifty, Bank Nifty Levels and  FINNIFTY Levels: