Market Outlook for 23 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 23rd August 2024 - 10:25 am

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Nifty Prediction for Today - 23rd August

Nifty continued its gradual upmove amidst positive stock specific momentum and ended the day above 24800 mark.

Nifty reclaimed 24800 level on the weekly expiry day and our markets continued to move up gradually. The market breadth is positive which is a bullish sign, however, the RSI reading on the lower time frame chart is now in the overbought zone. Hence, we could see some pullback move or a consolidation to relieve the overbought set–ups. 

 

 

However, the higher time charts are positive and hence, any such consolidation or dip should be seen as a buying opportunity. Traders are advised to continue to trade in the direction of the broader trend and look for stock specific buying opportunities.

The immediate supports for Nifty are placed around 24650 and 24500. On the higher side, the immediate resistance is seen in the range of 24950-24900, above which the index could reclaim the previous all time-high.

Nifty reclaims 24800, stocks specific momentum continues

nifty-chart

 

Bank Nifty Prediction for Today - 23rd August

The Nifty Bank index surpassed the 51000 mark during the day, but ended marginally below it as the index consolidated within a range. The daily RSI is positive on the index, but we need to see a follow up buying as the index has resisted in the range of 51000-51100. Above this hurdle, we could see buying interest returning in the banking and financial stocks, but till then biasness remains sideways. On the lower side, the support for the index is placed in the range of 59700-50650 followed by 50330.

 

 

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24730 80800 50650 23100
Support 2 24650 80650 50500 23000
Resistance 1 24900 81360 51230 23350
Resistance 2 24950 81500 51380 23410
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