Market Outlook for 11 July 2024

Nifty Prediction for Tomorrow - 11th July

The benchmark index Nifty50 corrected by almost 300 points after hitting an all-time high of 24461.05 on Wednesday, closing at 24324.45 with a loss of 108 points. 

After a flat opening, the index declined throughout the day, dipping below the immediate support of 24200 levels in the first half, reaching a low of 24141.80, before slightly recovering to close in the red. Major indices such as Nifty MIDCAP and SMALLCAP saw significant declines of over 1% for the day, while METAL, IT, PSUBANK, and MEDIA indices also dropped more than 1.5%.

Technically, the Nifty50 index failed to break the trendline at 24200 and managed to sustain above this level on the daily chart. However, on the hourly chart, the price fell below the 20-SMA, and momentum indicators showed a negative crossover. If the index moves below the support line, further selling pressure could be seen. The downside support levels for Nifty are at 24200 followed by 24000, with resistance around 24450 levels. Hence, traders are advised to trade cautiously and focus on stock-specific opportunities.
 

                    Nifty corrects after all-time high, faces key support levels

Bank Nifty Prediction for Tomorrow - 11th July

Bank Nifty continued its correction throughout the day, closing at 52189.30 with a loss of 379 points, driven primarily by selling pressure in PSUBANK and private banking stocks.

On the technical front, Bank Nifty breached its immediate swing lows and closed below them. However, the index is still holding support at the 20-DEMA mark of 52000. The momentum RSI reading is at 57 with a negative crossover, indicating a potential slight correction in the near term. On the downside, the immediate support is at 52000 levels, and if Bank Nifty sustains below this level, the correction may extend to 51000 levels.
 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

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