Market Outlook for 03 July 2024

Ruchit Jain

Last Updated: 3rd July 2024 - 10:05 am

Nifty Prediction for Tomorrow - 03rd July

Nifty consolidated within a narrow range in Tuesday’s sessions, but we witnessed profit booking in the banking index and the broader markets. Nifty ended the day on a flat note above 24100, supported by outperformance in the IT stocks.

The broader trend continues to be positive for the index although some slow down in momentum was seen. The indices are trading above its short term supports but the RSI oscillator on the hourly charts hints at a pullback move from the overbought zone.

However, since there are no signs of a change in trend, traders are advised to continue to trade with a positive bias and look for stock specific opportunities.

The immediate support for Nifty is placed around 23920 followed by 23700 and till these supports are intact, corrections if any are likely to be just time-wise corrections or consolidations. On the higher side, the index has potential to rally towards 24600 in the near term.

Nifty consolidates in a range, IT continues outperformance

nifty-chart

Bank Nifty Prediction for Tomorrow - 03rd July

The Bank Nifty index relatively underperformed in Tuesday’s session as the index corrected by three-fourth of a percent and ended the day below 52200. While the broader trend still remains positive, this down move should be seen as a correction within an uptrend for now.

The immediate support for the index is placed around 51750 followed by 20 DEMA support at 51200. The index could see a pullback from either of these supports and hence, traders are advised to be watchful around these supports for buying opportunities.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	NIFTY Levels	SENSEX Levels	BANKNIFTY Levels	FINNIFTY Levels
Support 1	24040	79150	51830	23350
Support 2	23950	78880	51500	23190
Resistance 1	24220	79790	52660	23700
Resistance 2	24320	80150	53160	23900

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