Market Outlook for 09 Aug 2024

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 9th August 2024 - 10:15 am

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Nifty Prediction for Tomorrow - 09th August

Nifty continued to trade within a range in yesterday’s trading session also, but it witnessed selling pressure at higher levels and ended the day at 24100 with a loss of about 200 points.

In last three trading sessions, Nifty has traded within a range but has resisted around the 24350 mark. This level coincides with the 38.2% retracement levels of the recent correction and hence, until the index surpasses the same, the near term momentum remains sideways to negative.

The RSI readings gave a negative crossover on the hourly charts and since the higher time frame oscillator is also negative, we expect the index to resume its down move. Traders are advised to stay cautious for now until the index surpasses the mentioned hurdle of 24350. If the index breaks the swing low of 23900, then we could see a continuation of the correction in the index towards 23630.

 Markets witnessed correction as Nifty is facing hurdle at 24350

nifty-chart

 

Bank Nifty Prediction for Tomorrow - 09th August

The Nifty Bank index relatively outperformed the benchmark in Thursday’s sessions, but this index too has been consolidation in a range since last three sessions above its 50 percent retracement support of 49700. The index has formed a range of 49650-50650 and a breakout beyond this range is required for the next directional move. Traders are advised to trade in the direction of the breakout once the index surpassed either end of the given range.

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 23900 78270 49500 22530
Support 2 23750 77750 49200 22370
Resistance 1 24270 79400 50450 23000
Resistance 2 24350 79700 50750 23140

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