Market Outlook for 25th November 2024
Market Outlook for 26 August 2024
Last Updated: 26th August 2024 - 10:14 am
Nifty Prediction Today - 26th August
In the week gone by, Nifty moved up gradually with range-bound intraday moves but it managed to end the week above 24800 with weekly gains of a percent.
The indices did not see any sharp move in last one week, but the overall market breadth remained quite healthy which indicates stock specific buying interest. In the derivatives segment, both FIIs and the Client section have maintained their ‘Long Short Ratio’ around 52 percent and there are no positions added for any directional move.
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On the charts, the price action remains bullish, the RSI on the daily chart remains positive but the lower time frame readings are in the overbought zone. Such setups get cooled off either with some consolidation or a dip and in case of any such price action one should look for buying opportunities. The immediate support for the Nifty is placed around 24680 followed by positional support at 24500 while on the higher side, resistance is seen around 24950 which if surpassed then the index could register a new record again.
Traders are advised to continue to trade with a positive bias and look for buying opportunities in the index on declines/consolidations , meanwhile one can keep a stock specific approach and look for buying opportunities.
Stock specific buying interest keeps uptrend intact
Bank Nifty Prediction Today - 26th August
The Nifty Bank index has seen some recovery in last one week but the index did not see any sharp moves. Recently, the index has formed a support base at the 50 percent retracement support of 49650 which remains a sacrosanct for the near term. Till this support is intact, the downside seems to be limited and if the index manages to surpass the zone of 51200-51300 then there could be fresh buying momentum in the banking stocks which could lead the index higher.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24650 | 80700 | 50480 | 23100 |
Support 2 | 24600 | 80550 | 50150 | 23000 |
Resistance 1 | 24950 | 81400 | 51270 | 23400 |
Resistance 2 | 25080 | 81600 | 51600 | 23500 |
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