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Market Outlook for 19 August 2024
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Last Updated: 20th August 2024 - 12:55 pm
Nifty Prediction for Today - 19th August
In the week gone by, Nifty traded within a narrow arrange till the mid-week holiday, but the positive global markets led to a gap up opening on the last trading session and the Nifty rallied higher along with broad market participation to end above 24500.
Nifty consolidated within a range in last couple of weeks post a negative momentum at the start of this month. However, the week ended well as the markets resumed their positive momentum on the last trading session led by broader market participation. All the indices ended on a positive note on Friday which indicated a strong momentum.
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Technically, the hourly momentum readings turned positive while the daily readings too are on the verge of a positive crossover. Thus, the markets could resume the broader uptrend if the positive follow-up move in the coming week continues. The immediate support for the Nifty has now shifted to 24200 followed by 24000 and thus one should trail the stop losses higher on trading long positions. On the higher side, the retracement resistance will be seen around 24630, above which the index could again attempt to rally towards the 25000 mark. Traders are advised to trade with a positive bias till the index traders above the mentioned support.
Amongst sectoral indices, signs of positive momentum are seen in IT, Realty, Auto, and Banks and hence one should look for opportunities in stocks from these sectors for short-term gains.
Positive global cues led to bullish momentum in our markets
Bank Nifty Prediction for Today - 19th August
The Nifty Bank index consolidated within a range in last week but it has managed to form a support at 49650 which is around the 50 percent retracement level of the upmove from the elections results day low to the recent swing high. Thus, this level will be seen as a sacrosanct support and should be referred as a make or break level. The RSI on the daily charts gave a positive crossover which is a bullish sign. A move above 50700 could lead an upmove in this index towards 51080 and 51500.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24300 | 79650 | 50100 | 22730 |
Support 2 | 24200 | 79300 | 49800 | 22600 |
Resistance 1 | 24670 | 80850 | 50800 | 23100 |
Resistance 2 | 24800 | 81300 | 51100 | 23250 |
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