Market Outlook for 08 Aug 2024

Ruchit Jain Ruchit Jain

Last Updated: 8th August 2024 - 04:56 pm

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Nifty Prediction for Tomorrow - 08th August

Nifty started the day with a gap up opening of about 300 points led by positive cues from the global markets. However, the index consolidated in a range throughout the day and ended around the opening levels with gains of over a percent.

The indices witnessed some recovery in Wednesday’s session, but the broader markets witnessed relative outperformance where stock specific positivity was seen and the market breadth was strong. The RSI oscillator on the lower time frame charts hinted at a pullback move, but it seems too early to take a call if the correction is over.

The RBI Monetary Policy Outcome and the global market movement in the near future will lead to near-term momentum. The immediate resistance for the Nifty is seen around 24350 followed by a 50 percent retracement level at 24500. The index needs to surpass these hurdles for a resumption of the uptrend. On the flipside, 24000-23900 is the immediate support zone for the index. 

 Broader markets recovers post recent correction

 

nifty-chart

Bank Nifty Prediction for Tomorrow - 08th August

The Bank Nifty index too rebounded marginally as the index has been trading around the 50 percent retracement level of the previous upmove. The reaction to the RBI Monetary policy will be important to see for the banking stocks, as the sector has relatively underperformed in the recent past.

 

bank nifty chart

The support for the index is placed around 49700-49650, if this is breached then we could see a down move towards 48850. On the flipside, the resistances are seen around 50530 followed by 51060.  

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24120 78870 49550 22520
Support 2 24050 78630 49320 22430
Resistance 1 24430 79930 50570 23000
Resistance 2 24520 80250 50850 23140

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