Market Outlook for 18 July 2024

Ruchit Jain Ruchit Jain

Last Updated: 18th July 2024 - 10:03 am

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Nifty Prediction for Tomorrow - 18th July

Nifty consolidated within a narrow range of just 73 points in Tuesday’s session and ended the just above 24600 mark. 

The markets have been trending higher but the intraday trading range for the Nifty has narrowed significantly in last couple of sessions. The indices have rallied sharply post the election results outcome and ahead of the Union budget, the RSI readings have now reached the overbought zone.

The daily readings have not given a negative crossover yet, but the overbought set ups indicate not much favorable risk reward ratio for fresh longs here. Hence, traders are advised to book at least partial profits on existing trading long positions here and revise stop loss on rest positions below the supports. The immediate support as per the hourly charts for Nifty are placed around 24480 and 24300. The near term support of 20 DEMA is placed at 24100.  

 

                   Narrow range for the index as RSI reaches overbought zone

nifty-chart


Bank Nifty Prediction for Tomorrow - 18th July

The Bank Nifty index continued to consolidate within a range and it traded within its previous day’s range. Since last few sessions, the index has been defending its 20 DEMA which is around 52000 and 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. Traders are advised to wait for a breakout beyond the range for a directional move.

       bank nifty chart               

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24540 80440 52160 23550
Support 2 24500 80270 51980 23470
Resistance 1 24690 81040 52730 23810
Resistance 2 24730 81180 52850 23860

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