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Market Outlook for 31 July 2024
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Last Updated: 31st July 2024 - 10:06 am
Nifty Prediction for Tomorrow - 31st July
Nifty consolidated within the previous sessions range and it was unable to surpass the level of 25000. The index ended the day just above 24850 with marginal gains.
In the last couple of trading sessions, Nifty has consolidated within a narrow range indicating some uncertainty for the near term. The global event of the FOMC meet which concludes on Wednesday may have a short term impact if the global markets react on the outcome of the event. Technically, the trend remains positive but the RSI is hinting at a losing momentum and hence, next couple of sessions could be crucial to determine the near term trend.
The immediate support for Nifty is placed around 24700 which if breached, then it could lead to a pullback move towards 24570. On the higher side, a breakout above the 25000 mark will indicate a continuation of the uptrend towards 25065 and 25330. Till the above mentioned supports are intact, the broader trend remains positive and hence traders are advised to trade with a stock specific approach and trade in the index post a breakout from the above mentioned range.
Nifty consolidates below 25000 mark ahead of the FED meeting
Bank Nifty Prediction for Tomorrow - 31st July
The Bank Nifty index also consolidated within the previous day’s range in Tuesday’s session. The index has resisted around the 61.8 percent retracement of the recent correction which is placed around 52250. A move above the resistance zone of 52250-52350 is required for a positive momentum in the banking space. Traders can wait for a breakout above this resistance to initiate fresh longs in the banking space.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24700 | 80900 | 51200 | 23170 |
Support 2 | 24600 | 80600 | 50880 | 23000 |
Resistance 1 | 24950 | 81770 | 51880 | 23550 |
Resistance 2 | 25050 | 82080 | 52260 | 23750 |
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