Market Outlook for 16 July 2024
Market Outlook for 10 July 2024
Last Updated: 10th July 2024 - 10:36 am
Nifty Prediction for Tomorrow - 10th July
After two days of sideways momentum, the Nifty50 index hit an all-time high at 24443.60 in the Tuesday session, gaining 0.46 percent to settle at 24,433.20 levels. This surge was fueled by significant buying interest from foreign institutional investors (FII), contributing to robust market activity and boosting investor confidence.
The market's upward streak was supported by strong performances in the Nifty Auto, Pharma, PSU Bank, and Realty sectors, each contributing more than a 1 percent gain. On the stock front, MARUTI, M&M, DIVIS LAB, and ITC were the top gainers, while RELIANCE, TATACONSUMER, and BAJFINANCE were the top laggards for the day.
Technically, the Nifty50 has been trading with bullish momentum, consistently achieving new milestones. This indicates continued market strength. Key indicators are supporting the price action in Nifty50, suggesting a positive bias and strong buying sentiment for the near term. Traders are advised to follow the trend until any reversal signs appear on the chart. On the downside, support for the Nifty50 has shifted to the 24,300 mark, followed by 24,200, while resistance is seen at 24,600 levels.
Nifty50 soars to record high amid strong FII buying
Bank Nifty Prediction for Tomorrow - 10th July
The Bank Nifty gained 0.27% or 143 points, settling at 52,568.80 levels during the Tuesday session. PSUBank were holding the gains throughout the day, ended at 7331.50 with 1.28 percent gain.
Technically, Bank nifty has traded within the prior day's candle, indicating an inside bar candlestick pattern on the daily chart. However, the price has been hovering above the 20-day exponential moving average, with immediate support at 52,000 levels, while the RSI witnessed a negative crossover. On the downside, 52,000 may act as support for the Bank Nifty, while 52,900 could be a resistance zone.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 24300 | 79900 | 52200 | 23570 |
Support 2 | 24200 | 79650 | 52000 | 23430 |
Resistance 1 | 24600 | 80600 | 52900 | 23750 |
Resistance 2 | 24730 | 80880 | 53250 | 23820 |
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