Market Outlook for 25th November 2024
Market Outlook for 12 August 2024
Last Updated: 12th August 2024 - 10:40 am
Nifty Prediction for Tomorrow - 12th August
In the week gone by, Nifty oscillated within a broad range based on the global markets movement. The index sneaked below the 24000 mark at the start of the week but managed to recover from the lows and ended above 24350 mark.
Nifty registered a record high of above 25000 at the start of the month, but has then entered a corrective phase. In last couple of weeks, FIIs have been sellers in the cash segment while they have reduced their net long positions in the index futures segment too.
Also, uncertainty and volatility in the global markets have kept traders on the toes and hence, we witnessed nervousness in our markets too. Now although we have seen some recovery from the lows, it seems to be a pullback move as of now and there are no signs of a resumption of the uptrend. The immediate hurdles for Nifty are seen around 24500 and 24650 which needs to be surpassed for a sustainable upmove.
Until these hurdles are surpassed, traders are advised to stay cautious for now and focus on stock specific approach, On the lower side, 24000-23900 zone is the crucial support which if broken, then we could see a resumption of the down move towards 23630.
Nifty recovers from the swing low, but yet to cross resistance
Bank Nifty Prediction for Tomorrow - 12th August
The Nifty Bank index consolidated in a range during last week post the gap down opening at the start of the week. Last week’s low of 49650 is around the 50 percent retracement level of the recent upmove from the election results day low and hence is the important support.
If the index breaks the same, then we could see a down move towards the 61.8 percent retracement which is placed around 48850.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24250 | 79300 | 50200 | 22850 |
Support 2 | 24150 | 79070 | 50000 | 22770 |
Resistance 1 | 24470 | 80180 | 50850 | 23150 |
Resistance 2 | 24530 | 80370 | 51000 | 23200 |
iFor real time data of stocks, open demat account with 5paisa
Trending on 5paisa
Discover more of what matters to you.
Market Outlook Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.