Market Outlook for 11 September 2024
Market Outlook for 14 Aug 2024
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Last Updated: 14th August 2024 - 11:35 am
Nifty Prediction for Tomorrow - 14th August
Nifty started Tuesday’s session on a flat note, but we witnessed selling pressure as the day progressed and the index breached the support of 24200. Then there was a sell-off seen in the broader markets and the index ended the day below 24150 with a loss of 200 points.
Nifty witnessed a pullback move in last one week but it resisted around the 50 percent retracement level at the start of the week which was placed in the range of 24450-24500. The index has now breached the immediate support of 24200 which indicates a resumption of the correction. The immediate support for the index is now placed around the swing low of 23900. If the index manages to defend this support then we could see some range bound move in the near term but if this is breached, then the index could correct upto 23630 in the near term. On the higher side, the resistance is in the range of 24400-24450 which needs to be surpassed for a resumption of the uptrend.
We continue with our advice for traders to stay light on positions and avoid aggressive longs until we see positive signs. Trading with a stock specific approach looks to be a better approach for now.
Bank Nifty Prediction for Tomorrow - 14th August
The Nifty Bank index resumed its down move as the heavyweight HDFC Bank witnessed a sharp downmove in Tuesday’ session. This index has been an underperformer in the recent past and even in the pullback move, it has not seen much strength. The RSI oscillator still hints at a continuation of the negative momentum and until we see a positive crossover there, it is better to avoid any kind of bottom fishing. The recent swing low of 49650 is around the 50 percent retracement support, if it is breached then the index could correct upto the 61.8 percent retracement level placed around 48850.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24050 | 78660 | 49550 | 22450 |
Support 2 | 23960 | 78370 | 49280 | 22300 |
Resistance 1 | 24300 | 79470 | 50330 | 22870 |
Resistance 2 | 24450 | 80000 | 50830 | 23140 |
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