Market Outlook for 24 May 2024

Ruchit Jain Ruchit Jain

Last Updated: 24th May 2024 - 10:12 am

Listen icon

Nifty started the weekly expiry day on a flat note, but buying interest in the index was seen right from the opening hour and the index rallied higher throughout the day. The index surpassed the previous high and registered a new record to end the day just below the 23000 mark.

The benchmark index rallied higher with the support from the large cap stocks. The index surpassed the previous high resistance and registered a new record high to almost test the 23000 mark for the first time ever. The price action and the RSI readings since last few days have been hinting at an uptrend and thus the up move has been much on our expected lines. Now, the momentum remains strong and hence, traders are advised to continue to stay with the trend. As the index is now in uncharted territory, the retracements of recent correction could determine the next probable resistance/targets. The initial retracement level is seen in the range of 23060-23160 which the index should test immediately. A move above this zone could then lead the indices higher towards 23400 as well. On the flipside, the immediate support on the short term charts have shifted to 22700 and any dips should be used as a buying opportunity. FIIs have been on the short side throughout the series and as the markets are rallying, short covering of these positions could further add fuel to the rally.

All the sectors (except pharma) rallied high on this historic day, but a relative underperformance was seen in the midcap stocks. The broader markets have already seen a good outperformance in last couple of weeks and hence, it seems that the large cap stocks are now witnessing buying interest which could lead the momentum.

                                            Large Cap stocks leads Nifty/Sensex to new record high 

nifty-chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 22850 75000 48500 21600
Support 2 22700 74600 48150 21470
Resistance 1 23120 75900 49100 21870
Resistance 2 23260 76350 49450 22000
FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 11th Oct 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?