Market Outlook for 16 July 2024
Weekly Market Outlook for 8th April to 12th April
Last Updated: 8th April 2024 - 10:38 am
In the week gone by, Nifty traded within a narrow range, but it registered a new record high and the broader markets participated well with stock specific positive momentum. Nifty ended above 22500 and posted weekly gains of less than a percent, but the midcap and the small indices outperformed with weekly gains of 4 percent and 6 percent respectively.
Nifty Today:
The broader uptrend remains intact as the market breadth is positive inspite of some consolidation in the Nifty. Infact good buying interest was seen in the midcap and the small cap stocks due to which the Midcap100 index has registered a new record high and the Small cap indices also is close to its previous high. The short term support for Nifty is placed around 22300 which would be seen as crucial level in the coming week. Till this is intact, the momentum remains bullish and the index could rally towards 22700-22750 zone.
Only below 22300, we would expect some profit booking towards 22100-22000 range. The Bank Nifty index has kept its ‘Higher Top Higher Bottom’ structure intact and this index too showed a relative outperformance in the recent week. This index is just a kissing distance away from its previous all-time high of 48636 which was last seen in December 2023. This index could rally towards 48800 followed by 49600 in the near term, while the immediate support for the banking index is placed in the range of 47750-47400.
New high for the Midcap index, Bank Nifty approaching record levels
The RSI oscillator on the Nifty as well as the Bank Nifty index remains positive and thus, the short term momentum is bullish. Hence, traders are advised to continue to trade with a positive bias and review the same if the index breaks the above mentioned important support.
Nifty, Bank Nifty Levels and FINNIFTY Levels:
NIFTY Levels | SENSEX Levels | BANKNIFTY Levels | FINNIFTY Levels | |
Support 1 | 22400 | 73770 | 48070 | 21370 |
Support 2 | 22300 | 73600 | 47700 | 21200 |
Resistance 1 | 22600 | 74600 | 48790 | 21670 |
Resistance 2 | 22750 | 74850 | 48980 | 21760 |
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