Market Outlook for 30 August 2024

Ruchit Jain Ruchit Jain

Last Updated: 1st September 2024 - 08:29 am

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Nifty Prediction for Tomorrow - 30th August

The Nifty index opened on a mixed note, reaching a new record high of 25,192.90 on the monthly expiry day but remained volatile throughout. It ended the day with a gain of 99 points at 25,151.95.

 

Nifty hit all-time high supported by the Oil & Gas, FMCG and IT indices, which outperformed for the day. The overall market trend is bullish with positive breadth, A momentum reading (RSI) on the higher timeframe remain positive but witnessing overbought zone on the lower scale that suggests some consolidation or a minor profit booking from the record highs. Hence, traders should look for buy on dips strategy for the near term. 

The immediate supports for Nifty are placed around 25000 and 24870 while resistances are seen around 25320 and 25500 as per Fibonacci Extension level. 

Amongst stocks like, the TAMOTORS, BPCL, BAJFINANCE, BRITANNIA were the top gainer while GRASIM, M&M, and JSWSTEEL, SUNPHARMA were the prime laggards for the day.  

 

Nifty hits record high on monthly expiry 

nifty-chart

 

Bank Nifty Prediction for Tomorrow - 30th August

The Nifty Bank index exhibited a sideways movement, staying within a defined range. On the hourly chart, it remained consistently above the 50-SMA support at the 51,000 level. On the daily chart, the index has been fluctuating between 51,400 and 51,000 over the last two trading sessions, indicating that a breakout on either side could determine its next direction.

Traders are advised to wait for this breakout and adopt a stock-specific strategy within the sector. Key support levels for the index are at 50,850 and 50,600, with resistance at 51,400 and 51,700.

 

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25000 81785 50850 23500
Support 2 24870 81430 50650 23425
Resistance 1 25320 82440 51400 23670
Resistance 2 25500 82670 51700 23740
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