Market Outlook for 05 July 2024

Ruchit Jain

Last Updated: 5th July 2024 - 10:45 am

Nifty Prediction for Tomorrow - 05th July

Nifty started the weekly expiry day on a positive note and then traded within a narrow range throughout the day. It ended just above 24300 with marginal gains.

Our markets have seen a relentless run up in last few days without any pullback move in the Nifty index. The up move has mainly been led by buying momentum in the index heavyweights as well as the broader markets.

As of now, there are no signs of reversal yet and hence inspite of overbought RSI set ups, we could see a continuation of the momentum. Also, corrections if any in the near term could be just consolidations or minor pullbacks. Hence, until any reversal signs are seen, it is better to trade with a positive bias in the direction of the trend.

On any pullback move, 24150 would be seen as the immediate support followed by 23900. On the higher side, the resistance could be seen around 24600 as per the retracements of the recent correction.

Slow and gradual upmove continues for Nifty

nifty-chart

Bank Nifty Prediction for Tomorrow - 05th July

Bank Nifty witnessed some intraday pullback in Thursday’s session, but we witnessed some recovery led by ICICI Bank towards the end. The momentum still continues to be positive with immediate support placed around 52700 and 51500 (20 DEMA). It is advisable to trade with a stock specific approach within the banking space with close tab on the above mentioned levels.

Nifty, Bank Nifty Levels and FINNIFTY Levels:

	NIFTY Levels	SENSEX Levels	BANKNIFTY Levels	FINNIFTY Levels
Support 1	24200	79730	52550	23670
Support 2	24130	79480	52280	23540
Resistance 1	24450	80300	53370	24020
Resistance 2	24500	80550	53640	24150

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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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