Market Outlook for 05 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 5th September 2024 - 10:32 am

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Nifty Prediction for Today- 05 September

Nifty started Wednesday’s session with a gap down due to negative cues from the global markets. However, we did not see any follow up selling and the index infact recovered in the last hour and ended the day marginally negative around 25200.

Our markets witnessed a negative opening due to negative global cues, but it seems that traders took this weakness as buying opportunity in stocks as the market breadth improved as the day progressed. The fact that there was no follow up selling pressure post the negative open, and the Small Cap index outperformed and registered new record high clearly hints at buying interest in stocks amongst market participants.

The immediate support for Nifty is placed in the range of 25000-24950 while resistance is seen around 25300. Traders are advised to trade with a stock specific approach and look for stocks/sectors which are outperforming.

 

Markets recovers post a negative opening, small cap index at new high

nifty-chart

 

Bank Nifty Prediction for Today - 05 September

After a negative opening, the Nifty Bank index consolidated within a narrow range throughout the day. The index has near term support around 51000 mark while resistance is seen around 51800 followed by 52000.

We could see some consolidation within this range and breakout on either side could then lead to a directional move. Traders are advised to wait for signs of a trended move in the banking space.

 

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25080 82100 51000 23760
Support 2 24950 81800 50700 23680
Resistance 1 25280 82520 51750 23950
Resistance 2 25400 82750 51930 24040
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