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Market Outlook for 12 July 2024
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Last Updated: 12th July 2024 - 10:36 am
Nifty Prediction for Tomorrow - 12th July
Nifty consolidated within a narrow range on the weekly expiry day and ended above 24300 on a flat note.
The index has been consolidating within a range since last few days while stock specific momentum has been seen in the broader markets. However, this consolidation is above the short term support of 20 DEMA which is placed around 23950. Till this support is intact, this consolidation should be seen as a time-wise correction within an uptrend and the positive momentum should resume soon.
Hence, traders are advised to continue to trade with a positive bias till the supports are intact. On the higher side, the index has potential to rally towards 24600 in the near term which is the retracement level of the previous correction.
Rangebound move for index, Bank Nifty approaches 20 DEMA support
Bank Nifty Prediction for Tomorrow - 12th July
The Bank Nifty index has seen some pullback move in last few sessions and is now trading around its short term support of 20 DEMA. In Thursday’s session, the index formed a ‘Doji’ candlestick pattern on the daily chart at this average support. Hence, 51750 will be seen as crucial support which if remains intact, then the banking index could witness upmove again from current levels.
Traders are advised to trade with a stock specific approach in stocks within the sector with a close table on the above level.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24200 | 79500 | 51880 | 23430 |
Support 2 | 24100 | 79140 | 51480 | 23260 |
Resistance 1 | 24420 | 80220 | 52530 | 23730 |
Resistance 2 | 24510 | 80550 | 52800 | 23850 |
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