Market Outlook for 20 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 20th August 2024 - 12:37 pm

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Nifty Prediction for Today - 20th August

Nifty started the week marginally positive, but the index traded within a narrow range throughout the day and ended above 24550 with marginal gains.

It was a day of stock specific move as the index traded within a range. The IT stocks continued their upmove whereas the private sector banking stocks underperformed, thus restricting the up move on the index. Nifty has now retraced the recent correction by 61.8 percent which is around 24630 and this is the immediate hurdle which needs to be surpassed.

A sustained move above this would hint at a possible momentum towards 25000 again in the near term. On the flipside, the immediate support on any declines will be seen around 24400. Traders are advised to trade with a positive bias and look for buying opportunities in sectors which are showing signs of outperformance.    

 Nifty consolidates in a range, but market breadth remains positive

 

nifty-chart

Bank Nifty Prediction for Today - 20th August

The Nifty Bank index underperformed the Nifty index in Monday’s session as the private sector banks were seen under pressure. The index continues to consolidate within the range of 49650-50850 and a breakout beyond this range is needed for a directional move.

Traders are advised to look for trading opportunities in this index only post a breakout on the either side of the range.

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24460 80100 50000 22750
Support 2 24400 79870 49750 22650
Resistance 1 24700 80880 50900 23150
Resistance 2 24750 81050 51100 23230
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