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Market Outlook for 22 August 2024
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Last Updated: 22nd August 2024 - 10:33 am
Nifty Prediction for Today - 22nd August
Nifty consolidated within a narrow range in Wednesday’s session, but managed to end the day near the high point of the day and closed above 21750 with marginal gains.
We have been witnessing a slow and gradual upmove in the index since last couple of sessions but the overall market breadth remains quite healthy. The broad market participation indicates a strong stock specific buying interest in the market and hence, we expect the uptrend to continue in the near term.
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The RSI readings are positive on the daily charts and are in the overbought zone on the hourly charts, however that should get cooled-off with such consolidation or a minor correction. The immediate support for Nifty is placed around 24580 followed by 24500 and in case of any declines, one should look for buying opportunities. Traders are advised to continue to trade with a positive bias and look for stock specific opportunities for now as outperformance is seen there.
Slow and gradual upmove for Nifty, momentum seen in stocks
Bank Nifty Prediction for Today - 22nd August
The Nifty Bank index underperformed the benchmark on its weekly expiry session, which indicates a continuation of the consolidation phase. The index has recently formed a support base around 49650 which remain a make or break level. On the other hand, if the index manages to sustain above 51000, then we could see a trended upmove in the banking index. Traders are advised to look for stock specific opportunities within the banking space.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24600 | 80400 | 50150 | 22950 |
Support 2 | 24550 | 80370 | 49980 | 22890 |
Resistance 1 | 24870 | 81150 | 51050 | 23270 |
Resistance 2 | 24950 | 81350 | 51300 | 23360 |
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