Market Outlook for 27 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 27th August 2024 - 11:55 am

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Nifty Prediction for Today - 27th August

Our markets started the week on a positive note following the bullish global cues and buying momentum was intact throughout the day. Nifty ended the day above the 25000 mark with gains of three-fourth of a percent.

Nifty continued its uptrend and reclaimed the 25000 mark on the first trading session of the week. The upmove was led by a broad market participation where all sectoral indices except Media and PSU banks ended in green. The recent correction in the dollar index too is positive for the emerging markets.

 

The Metals and the IT sector outperformed due to the favorable global cues. Since the momentum remains intact, we continue with our advice for traders to trade with a positive bias. The immediate support for the index is now placed around 24800-24750 while on the higher side, a move above the previous swing high of 25080 could lead to a move towards 25400 in the short term.

Nifty reclaims 25000 mark led by global cues

nifty-chart

 

Bank Nifty Prediction for Today - 27th August

The Nifty Bank index witnessed gains of about half a percent along with the market upmove. But the index was largely confined within a range post open. As of now the near term trend seems sideways to positive bias and hence, one can look for a stock specific approach within this sector. The immediate support for the index are placed around 50870 and 50680 while resistance is seen in the range of 51500-51600.

 

bank nifty chart

 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24900 81370 50870 23200
Support 2 24800 81050 50680 23100
Resistance 1 25080 81950 51500 23500
Resistance 2 25150 82150 51600 23600
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