Market Outlook for 16 July 2024

Ruchit Jain Ruchit Jain

Last Updated: 16th July 2024 - 10:33 am

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Nifty Prediction for Tomorrow - 16th July

Nifty traded within a narrow range in Monday’s session, but continued its gradual up move and ended just below 24600 with gains of one-third of a percent.

The benchmark index traded within a range in Monday’s session, but it continued its uptrend as the broader markets witnessed positive momentum. Since there are no signs of reversal yet, the overall trend remains positive and hence traders should continue to trade with a positive bias.

However, the RSI readings on the Nifty have now entered the overbought zone and hence, one should be watchful of the near term supports in the index. The immediate support for Nifty is placed around 24400 followed by 24250. Traders are advised to keep a trailing stop loss method and ride the trend.

On the higher side, the index is now trading around the 161.8 percent retracement level of the recent corrective phase around 24600. A continuation of the uptrend could result in the index heading towards the 25000 mark. However, because of the overbought set-ups, we advise to also start booking some profits at higher levels on trading long positions.

 

                   Gradual up move continues for the Nifty 

nifty-chart


Bank Nifty Prediction for Tomorrow - 16th July

The Bank Nifty index too consolidated within a range where it has been defending its 20 DEMA support since the last few days. The 20 DEMA for the index is around 52000 which is an important support level for the index on a closing basis.

A close below this could then lead to a price wise correction while a move above 52800 could lead to some positivity in the index. The PSU Banks witnessed positive momentum after a decent consolidation phase. The stocks from this space could see some further up move from a short term trading perspective.

       bank nifty chart               

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24470 80400 52180 23570
Support 2 24420 80220 51910 23450
Resistance 1 24690 80830 52700 23800
Resistance 2 24750 81000 52930 23900

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