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Market Outlook for 29 July 2024
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Last Updated: 29th July 2024 - 10:34 am
Nifty Prediction for Tomorrow - 29th July
In the week gone by, Nifty witnessed some correction on the Budget day and registered a low around 24070. But the index recovered from the low and rallied sharply on the last day of the week to register a new all-time high.
The markets resumed the uptrend after a minor hiccup on the Budget day and ended the week above 24800 at record high. The broader markets have done quite well as strong buying interest has been seen there. The August series for F&O started with 57 positions long positions by FIIs and around 50 percent long positions by Client section which created a room for fresh long positions at the start of the new series.
Hence, a strong buying interest was seen on Friday leading to new highs in the index. Now since the uptrend has resumed, we could see a continuation of the momentum where the next resistances will be seen around the retracement levels of this correction placed around 25065 and 25340. On the flip side, 24550-24350 will be seen as the immediate support zone on any declines.
As the upmove has been supported by broad market participation, traders are advised to continue to trade with a positive bias. Amongst sectoral indices, the Auto and the Pharma index has a positive chart structure where outperformance could be seen.
New record high for Nifty led by broader market participation
Bank Nifty Prediction for Tomorrow - 29th July
The Nifty Bank index showed relative underperformance in last week, but it managed to show some recovery in the last trading session and ended around 51300. This index has corrected in last couple of weeks and has good support around the 50000 mark. If this support remains intact, then we could see a gradual pullback move in the coming week.
The supports for the coming week are placed around 50400 and 49900 while immediate resistances are seen around 51900 and 52250. The Nifty PSU Bank index has been in a consolidation phase and is trading around its support zone. Hence, one can trade with a stock specific approach with this space for the short term.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24700 | 80420 | 50860 | 23150 |
Support 2 | 24550 | 79900 | 50690 | 23000 |
Resistance 1 | 25065 | 81830 | 51550 | 23450 |
Resistance 2 | 25150 | 82150 | 51900 | 23600 |
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