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Market Outlook for 13 Aug 2024
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Last Updated: 13th August 2024 - 10:18 am
Nifty Prediction for Tomorrow - 13th August
Nifty started the week above 24300, and witnessed some correction in the first hour of the day. The index corrected by 100 points from open, but managed to recover from the lows and rallied to almost test 24500 mark. However, Nifty ended the day on a flat note around 24350.
Nifty witnessed some selling pressure at the start of the day but managed to recover from the lows along with a positive market breadth. However, the index was not able to surpass its crucial resistance of 24480-24500 which is the 50 percent retracement level of the recent correction. Hence, the follow up move will be important to see and as the daily RSI readings have not yet turned positive, this upmove from the low still seems to be a pullback move only. A move above 24500 will lead to a continuation of the upmove towards 24630 while 24200 is the immediate support followed by 24000-23900 zone. Traders are advised to continue to trade with a stock specific approach for time being and wait for confirmation of a resumption of the uptrend before forming aggressive positions for a directional move.
Bank Nifty Prediction for Tomorrow - 13th August
The Nifty Bank index witnessed some intraday pullback on Monday led by positivity in some of the private sector heavyweights. However, the index resisted around the 89 EMA of the hourly chart which was placed around 50850. In the coming session, this would be an important level and if this is surpassed, then we could see the index moving towards the 38.2 percent retracement level of 51070. On the flipside, 50150 and 50000 are the immediate support for the index.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24210 | 79200 | 50200 | 22850 |
Support 2 | 24080 | 78780 | 49840 | 22670 |
Resistance 1 | 24475 | 80100 | 50890 | 23180 |
Resistance 2 | 24605 | 80540 | 51200 | 23330 |
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