Market Outlook for 15 July 2024

Nifty Prediction for Tomorrow - 15th July

In the week gone by, Nifty consolidated within a range for most part of the week. But fresh buying interest in the IT names post the TCS results propelled the benchmark higher and the index registered a new record to close above 24600.

The index consolidated within a range in the last few sessions where it did not breach its short term support, and the positive momentum in the IT stocks in the last trading session led to a resumption of the uptrend. The RSI oscillator hints at a positive momentum while the moving averages indicate good support around 24200 followed by 24000 (20 DEMA).

Till these supports are intact and RSI on the daily chart is positive, it is better to stay with the trend and trade with a positive bias. However, the readings have entered the overbought zone and hence, one should keep strict stop loss on the long positions. The above mentioned support should be kept as reference for stoploss on long positions. Since the index is trading at all-time highs, it is better to keep a trailing stop loss method and ride the trend.

Amongst the sectoral indices, the IT and Oil & Gas index have seen a positive trend which could continue going ahead. Hence, one can look for stock specific buying opportunities in stocks within these sectors from a trading perspective.  

                   Nifty registers new record of 24500 led by the IT stocks

Bank Nifty Prediction for Tomorrow - 15th July

The Bank Nifty index witnessed a rebound in Friday’s session, but it gave up intraday gains towards the end to close on a flat note. During last week, the index witnessed a support around its 20 DEMA and thus, the low of 51750 will be the crucial support to watch out for in the near term.

If this support remains intact, then the short term trend continues to be positive, but if this is breached then we could see a down move towards 51000 level. Traders are advised to be stock specific and keep a close tab on the above mentioned support. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

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