Market Outlook for 23 July 2024

Ruchit Jain Ruchit Jain

Last Updated: 22nd July 2024 - 05:43 pm

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Nifty Prediction for Tomorrow - 23rd July

Nifty traded within a narrow range ahead of the Union Budget Day and ended the day just above 24500 with a marginal loss.

The indices consolidated within a narrow range in Monday’s session, but there was good stock specific action in the broader markets due to which the market breadth was healthy. However, the index has formed a bearish pattern on the daily chart during the end of the week and the RSI readings have given a negative crossover on the daily chart. The set up is not much bullish and hence it would crucial to watch the markets’ reaction on the Budget.

The index needs to surpass the Friday’s high of 24855 to negate this pattern else we might go through a corrective phase post the event. On the lower side, the 20 DEMA at 24230 is the immediate support followed by 23800. Looking at the set-up, we advise traders to stay cautious and look for booking profits on long positions.

 

                  Budget day to decide next market direction, set-ups not so bullish

nifty-chart


Bank Nifty Prediction for Tomorrow - 23rd July

The Nifty Bank index has consolidated in a range on last couple of weeks and continues to trade with a range. The immediate supports for the index are placed around 51750 and 51250. On the higher side, the resistance is seen around 52800.

A breakout from either of the supports could lead to a directional move as the index has already seen a consolidation ahead of the event. Traders are advised to stay cautious and look for buying opportunities only on a sustainable move above 52800. 

       bank nifty chart               

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24230 79770 51650 23333
Support 2 24150 79450 51420 23216
Resistance 1 24600 80850 52520 23750
Resistance 2 24720 81170 52750 23870

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