Market Outlook for 29 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 28th August 2024 - 06:26 pm

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Nifty Prediction for Tomorrow - 29th August

Nifty started the day on a positive and rallied higher to register a new record high of 25129 ahead of the August series expiry day. The index gave up some of the intraday gains towards the end, but managed to end above 25050.

Nifty registered a new record high led by the IT heavyweights which outperformed due to positive global cues. 

The overall trend continues to be positive, but the RSI readings on the lower time frame charts hints at overbought set-ups. Hence, there could be some consolidation or minor intraday dips to relieve the overbought set-ups. Traders should look for buying opportunities in such corrections. The immediate supports for Nifty are placed around 24920 and 24750 while resistances are seen around 25230 and 25400.  

Amongst sectoral indices, the IT and the Pharma names have seen good momentum and these sectors could continue the upmove in the short term.

Nifty registers new record high led by IT stocks 

nifty-chart

 

Bank Nifty Prediction for Tomorrow - 29th 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 24880 81340 51030 23470
Support 2 24800 81100 50900 23380
Resistance 1 25140 82050 51250 23560
Resistance 2 25220 82260 51370 23620
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