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Market Outlook for 21 August 2024
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Last Updated: 21st August 2024 - 10:43 am
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.
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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
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.
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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