Market Outlook for 06 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 6th September 2024 - 10:40 am

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Nifty Prediction for Today - 06 September

Nifty started the weekly expiry session on a positive note, but it traded within a narrow range and corrected around 25150 with a marginal loss.

The index consolidated within a range on Thursday but the stock specific momentum continued to be positive and hence the midcap and small cap indices continued to record new highs. In last couple of sessions, Nifty has traded within range but the important supports are still intact.

Hence, it just seems to be a time wise correction within an uptrend. The immediate support for Nifty is placed around 25000 and till this is intact, traders are advised to focus on stock specific approach and trade with a positive bias. On the higher side, the resistances for Nifty are seen around followed by 25300 followed by 25400. 

 

Indices consolidate in a range, but key supports intact

nifty-chart

 

Bank Nifty Prediction for Today - 06 September

The Nifty Bank index continued its consolidation and has been trading within a range since last few days. The support for the index is placed around 51000 while resistance is seen around 51800 and 52000.

A breakout beyond this range could then lead to a trended phase and until we see any signs of a directional move, traders should prefer a wait and watch approach. 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25080 82000 51350 23800
Support 2 25030 81800 51240 23770
Resistance 1 25240 82500 51600 23900
Resistance 2 25330 82800 51750 23960
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