Market Outlook for 28 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 29th August 2024 - 04:32 pm

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Nifty Prediction for Today - 28th August

Nifty started the day on a flat note on Tuesday and traded in a narrow range throughout the day. The index ended the day just above the 25000 mark on a flat note.

It was a dull trading session for the index as the benchmark traded within a narrow range. However, the overall stock specific momentum was positive and the broader markets witnessed bullish momentum. 

The Small Cap index registered a new record high and the Midcap index too is trading at its lifetime high. Since there are no signs of reversal yet, traders should continue to trade with a positive bias. The index is hovering around the previous high of 25050-25100 range and if this is surpassed, then we could see momentum in the index towards 25400 in the short term. On any declines, 24800-24750 is likely to act as the immediate support.

New high for Small Cap index indicates buying in broader market

nifty-chart

 

Bank Nifty Prediction for Today - 28th August

The Nifty Bank index witnessed a gradual upmove and traded within a range. This sector has been witnessing a slow and gradual upmove and the RSI on the chart remains positive. Hence, one can look for a stock specific approach within this sector. The immediate supports 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 24920 81400 50750 23200
Support 2 24850 81200 50550 23100
Resistance 1 25080 81900 51500 23500
Resistance 2 25140 82100 51670 23600
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