Market Outlook for 21 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 21st August 2024 - 10:43 am

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Nifty Prediction for Today - 21st August

Nifty started Tuesday’s session on a positive note and traded within a range throughout the day. Amidst positive stocks specific momentum, the index ended above 24650 with gains of four-tenths of a percent. 

Nifty continued its positive momentum and surpassed the 24700 mark during the day. Although it settled just below that, the overall stock specific momentum was positive as the number of stocks advancing outperformed those that declined. 

The RSI on the daily chart continues to be positive, but there are signs of some pullback move on the lower time frame chart. Hence, one should keep a buy on dip approach for the index and look for buying opportunities on intraday dips. The immediate support for the Nifty is placed in 24500-24450 range while resistances are seen around 24830 followed by 24950.

Traders are advised to look for specific opportunities and trade with a positive bias, while for the index one should trade with a buy-on-dip approach.
   
 

Buying interest seen in Banking and Financial stocks

nifty-chart

 

Bank Nifty Prediction for Today - 21st August

The Nifty Bank index traded with a positive bias and attempted a breakout from the recent consolidation phase. The index has ended the session right around the resistance zone of 50800-51000, and hence the follow up move will be important for the near term trend.

The index has formed a support base around 49650 and as the RSI readings are positive, one should avoid any contra trades and look for stock specific buying opportunities here. A sustained move above 51000 could lead to an upmove towards 52400 soon. 

 

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24540 80330 50120 22800
Support 2 24470 80140 49830 22670
Resistance 1 24800 81180 51370 23440
Resistance 2 24860 81410 51700 23630
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