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Market Outlook for 16 August 2024
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Last Updated: 20th August 2024 - 12:45 pm
Nifty Prediction for Today - 16th August
Nifty traded within a narrow range ahead of the mid-week holiday as it seemed that market participants awaited the US CPI data which could lead to some directional move in the global markets.
In last few trading sessions, Nifty has traded within a broader range where the index did witness a pullback move from 23900, but was also unable to surpass the hurdle of 24400-24450. Thus, the next directional move in the index would be seen on a breakout beyond this zone and hence, one should take positions for a trended move beyond this zone only. In case the Nifty breaks the mentioned support, then we could see a down move towards 23630 which is the 38.2 percent retracement level of the upmove from the elections results day low to the recent high. On the higher side, a breakout above 24450 will only lead to a resumption of the broader uptrend.
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Markets awaiting for global cues for a directional move
Bank Nifty Prediction for Tomorrow - 16th August
The Nifty Bank index has underperformed the benchmark in the recent past and the index is now trading around its 50 percent retracement support around 49650. There’s no strength seen at this support as of now and if the index breaks this level, then it could correct upto the 61.8 percent retracement level which is placed around 48850. On the higher side, 50550 and 50850 are the immediate hurdles which need to be broken for a sustained positive momentum.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 23900 | 77600 | 49000 | 22200 |
Support 2 | 23630 | 77200 | 48860 | 21850 |
Resistance 1 | 24360 | 79780 | 50550 | 22870 |
Resistance 2 | 24470 | 80100 | 50850 | 23140 |
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