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Market Outlook for 26 July 2024
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Last Updated: 26th July 2024 - 10:22 am
Nifty Prediction for Tomorrow - 26th July
Nifty started the F&O expiry session on a negative due to weak global cues, but the index recovered gradually from the morning lows and it recovered all the losses to end on a flat note.
Post the budget session, Nifty has consolidated within a range which seems to be a time-wise corrective phase. This was much anticipated as the index had already rallied ahead of the event and the RSI readings were overbought. However, the market breadth is positive in last couple of sessions as lot of buying interest continues in the broader markets.
Now, the RSI on the hourly readings have given a positive crossover and thus the pullback move could continue. The immediate support for Nifty is now placed at 24200 followed by 24000-23900 range. On the higher side, the resistance will be seen around 24550-24600. As the consolidation in the index continues, we continue with our advice to look for stock specific trading opportunities where better opportunities are seen.
Positive stock specific action leads to recovery in Nifty
Bank Nifty Prediction for Tomorrow - 26th July
The Nifty Bank index continues its underperformance and inspite of a recovery in the broader markets, the Bank Nifty index continued to move lower. Although the lower time frame readings are oversold, there are no signs of reversal yet and hence, traders can wait for confirmation before bottom fishing here. The immediate support is placed around 50600 followed by 50000 while resistances will be seen around 51600 and 52000.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24270 | 79630 | 50620 | 22920 |
Support 2 | 24130 | 79220 | 50370 | 22800 |
Resistance 1 | 24490 | 80300 | 51070 | 23120 |
Resistance 2 | 24560 | 80550 | 51260 | 23200 |
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