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Market Outlook for 24 July 2024
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Last Updated: 24th July 2024 - 11:15 am
Nifty Prediction for Tomorrow - 24th July
Nifty traded with high volatility on the Budget day where it initially corrected during the announcement of the Budget and sneaked below 24100 mark. However, it recovered all the intraday losses from the low and ended the day marginally negative below 24500.
It was a volatile day which was much expected due to the big event of Budget. Certain negative announcements with respect to capital gains taxations led to a negative sentiment and hence we witnessed intraday correction by about 400 points in Nifty and 800 points in the Bank Nifty.
However, there were many positive announcements as well and a buying interest in such a decline led to sharp recovery from the lows in the later part of the day. If we look at the broader structure post the event, it seems that the index has entered a corrective phase as we had already seen a rally ahead of the Budget and the RSI oscillator has given a negative crossover from the overbought zone.
The correction could be a time-wise correction as well and hence there could a phase of consolidation. The immediate support for the Nifty is placed around 24200 followed by 24000 while 24700-24800 is the resistance zone. We expect a consolidation in the index in this zone in the near term and hence, traders should look to trade with a stock-specific approach where opportunities could be seen on both sides of the trade.
Amongst sectoral indices, defensive indices such as IT, Pharma, and FMCG have seen a relative strength in this volatility and hence, we expect outperformance to continue in stocks from these sectors.
Nifty manages to recover from intraday lows on the Budget Day
Bank Nifty Prediction for Tomorrow - 24th July
The Nifty Bank index had consolidated in a range in the last few days before the event, but it corrected on the event day and inspite of some recovery from the low, it ended with a loss of about a percent.
The index witnessed some recovery from the 40 DEMA support which is placed around 51300 and will be a crucial level to watch in the short term. The RSI readings hints at a corrective phase and hence, the near term upside seems to be limited. The resistance for the index is seen in the range of 52200-52300.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24250 | 80100 | 51300 | 23150 |
Support 2 | 24170 | 79500 | 50850 | 23000 |
Resistance 1 | 24680 | 81050 | 52350 | 23500 |
Resistance 2 | 24880 | 81470 | 52800 | 23650 |
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