Market Outlook for 09 July 2024

Nifty Prediction for Tomorrow - 09th July

The benchmark indices traded lower on Monday session, nifty declined by 0.01 percent to close at 24320.55 while Banknifty has plunged by 0.45 percent to settle at 52425.80 levels. Nifty Midcap & Smallcap has also slipped for the day. The volatility index India VIX jumped by 7 percent and is trading above the level of 13 indicating an increase in market volatility. 

On the sector front, Nifty FMCG and Nifty Energy were among the top gainers while Nifty PSU Bank, Nifty Metal and Pharma were the major sectors which were underperforming during the day. 

Overall, the market is in a bullish trajectory, forming higher highs and higher lows, and is hovering above the 20-day Exponential Moving Average (DEMA), which confirms a positive short-term momentum. However, the Relative Strength Index (RSI) has entered the overbought zone, indicating the possibility of further consolidation or a minor pullback.

Despite this, the market bias remains positive, and the uptrend is expected to continue unless reversal signs appear. 
Hence, traders are advised to maintain a positive bias. Immediate support is at 24,200, followed by 24,000. On the upside, resistance is expected at 24,580, based on the Fibonacci extension levels. 

                     Nifty positive momentum sustained despite minor pullback

Bank Nifty Prediction for Tomorrow - 09th July

Bank nifty has extended the correction on Monday after the Friday dip and index settled below the prior day low with 0.45 percent decline at 52425.80 levels.  

On the daily chart, Bank nifty formed a Hanging Man candlestick pattern on Thursday's session, which indicates slide correction in the index. Despite this, the overall trend remains positive for the long term. Therefore, any dip or correction in the index should be viewed as a buying opportunity for long-term investors. Traders are advised to look for stock specific opportunities in the banking space. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

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