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Market Outlook for 04 July 2024
Last Updated: 4th July 2024 - 10:21 am
Nifty Prediction for Tomorrow - 04th July
Our markets started Wednesday’s session on a positive note led by the banking stocks. The broader markets too witnessed positivity throughout the day and the Nifty ended just below 24300 with gains of two-third of a percent.
After a pause for two to three sessions, the banking stocks again witnessed strong buying momentum which led to about 900 points gain in the banking index.
This also propelled the broader markets higher as the indices are continuing the uptrend. If we look at the data, FIIs have been on the long side recently where they rolled over huge long positions from last series and still have over 80 percent positions on the long side.
While the Client section have majority of the positions on the short side. Now since the markets have continued the uptrend, these short positions could be covered going ahead which would add fuel to the rally. The index heavyweights are keeping the uptrend intact while there are no negative signs in broader markets as well. Hence, until any reversal signs seen, it is advisable to trade in the direction of the primary trend.
New record high for Nifty and Bank Nifty as uptrend continues
Bank Nifty Prediction for Tomorrow - 04th July
Bank Nifty rallied sharply on its weekly expiry day led by a positive opening in HDFC Bank, followed by buying momentum in other stocks throughout the day. This indicates a resumption of the uptrend post the small consolidation phase.
On the index, 52000 will be seen as the immediate support now which is the 89 EMA on the hourly chart. Till this is intact, traders are advised to trade with a positive bias and look for buying opportunities in stocks within the sector. On the higher side, the index could rally upto 54000-54200 in the near term.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24170 | 79620 | 52600 | 23740 |
Support 2 | 24120 | 79480 | 52150 | 23570 |
Resistance 1 | 24370 | 80250 | 53400 | 24040 |
Resistance 2 | 24430 | 80440 | 53700 | 24170 |
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