Market Outlook for 31 October 2024
Market Outlook for 30 July 2024
Last Updated: 30th July 2024 - 10:52 am
Nifty Prediction for Tomorrow - 30th July
Nifty rallied higher on the back of positive global cues and almost tested the 25000 mark during the day. However, the index gave up the intraday gains and ended below 24850 on a flat note.
Nifty has been continuing its uptrend with no signs of trend reversal. The market breadth remains healthy while FIIs have continued to add fresh longs post-expiry. However, the RSI readings indicate the possibility of some consolidation or a pullback towards support within the uptrend. Hence, there could be some slow and gradual move in the index with stock-specific action in the broader market.
The immediate term supports for Nifty are placed around 24620 and 24500 while resistance as per retracement of recent correction is seen around 25065 followed by 25340. Traders are advised to look for stock-specific opportunities and continue to trade in the direction of the primary trend.
Nifty almost tests 25000 mark, but gave up intraday gains
Bank Nifty Prediction for Tomorrow - 30th July
The Nifty Bank index rallied higher to mark an intraday high of 52340 during the day, but it witnessed a sharp correction of about 1000 points from the high and ended around 51340 on a flat note. The 61.8 percent retracement level of the recent correction acted as a resistance during the upmove in the Nifty Bank index in Tuesday’s session.
The RSI readings hint at a weak momentum in the banking space and hence, there could be a relative underperformance in this index. Traders are advised to stay cautious in this space for the short term and wait for a move above the retracement resistance to confirm a continuation of the uptrend.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24740 | 81000 | 50950 | 23150 |
Support 2 | 24640 | 80700 | 50600 | 23000 |
Resistance 1 | 24965 | 81800 | 51700 | 23600 |
Resistance 2 | 25100 | 82250 | 52100 | 23800 |
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