Market Outlook for 09 September 2024
Market Outlook for 30 May 2024
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Last Updated: 30th May 2024 - 09:57 am
Nifty started Wednesday’s session with a downside gap and it traded with a negative bias throughout the day. The index breached the 22700 mark during the day, and ended just above it with a loss of eight-tenths of a percent.
From the resistance of 23100, Nifty has seen a correction in last three trading sessions. This could be seen as profit booking ahead of the big event (election results). The RSI on the daily chart remains positive as of now, while the lower time frame charts hints at correction within an uptrend. The immediate support for Nifty is placed around 22650 which is the 89 EMA on the hourly chart, followed by positional support at 40 DEMA which is around 22450. As there are no signs of the change of trend as of now, traders can look for buying opportunities around the mentioned support from a near term perspective. On the higher side, 22900-23000 is the immediate resistance zone.
Amongst the sectoral indices, traders should keep a tab on the Nifty Pharma index. This index has resisted around 19400 in the recent past and a close above the same could lead to a positive trend in the pharma stocks.
Sell-off in Banking heavyweights dragged markets lower
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 22650 | 74300 | 48260 | 21500 |
Support 2 | 22600 | 74100 | 48020 | 21380 |
Resistance 1 | 22790 | 74850 | 48900 | 21830 |
Resistance 2 | 22880 | 75200 | 49260 | 22030 |
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