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Market Outlook for 22 July 2024
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Last Updated: 22nd July 2024 - 10:08 am
Nifty Prediction for Tomorrow - 22nd July
Nifty rallied higher during last week to form a new record high of 24800, but the index witnessed correction along with the broader markets in the last trading session of the week and ended just above 24500.
Post the election results outcome, our markets have seen a trended up move without any corrective phase and thus, the RSI readings have entered the overbought zone ahead of the Union Budget. The RSI gave a negative crossover in the overbought zone on Friday, along with the formation of a ‘Bearish Engulfing’ pattern on the daily chart. This indicates the possibility of a corrective phase in the near term and hence, traders should be cautious and look for booking profits on long positions.
The initial support for the index is placed around the 20 DEMA which is at 24200, which should act as a support incase of only a time-wise correction. However, incase of a price wise correction a decline towards 23800-23750 could be seen. On the higher side, 24850-24800 now will be seen as the immediate hurdle which needs to be surpassed to negate the above mentioned bearish pattern.
Amongst sectoral indices, most of them have seen a negative RSI crossover and some of them like Metals and Media have also breached the important supports. Stocks from these sectors could see relative short term underperformance. On the flipside, a relative outperformance could be seen in certain FMCG stocks.
Profit booking seen in markets ahead of the event
Bank Nifty Prediction for Tomorrow - 22nd July
The Nifty Bank index has consolidated in a range on last couple of weeks and has ended just above the support of 52000-51800. The follow up move in the coming week will be important as if this is breached, then we could seen a down move towards 51200.
On the flipside, 52800 is the immediate hurdle which needs to be surpassed for a resumption of the uptrend in the banking space.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24400 | 80200 | 52080 | 23520 |
Support 2 | 24280 | 79800 | 51900 | 23440 |
Resistance 1 | 24750 | 81300 | 52520 | 23720 |
Resistance 2 | 24980 | 81800 | 52770 | 23850 |
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