Market Outlook for 30 July 2024

Ruchit Jain Ruchit Jain

Last Updated: 30th July 2024 - 10:52 am

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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

nifty-chart


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. 

       bank nifty chart               

 

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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