Market Outlook for 12 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 12th August 2024 - 10:40 am

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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

nifty-chart

 

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. 

 

bank nifty chart

 

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

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