Market Outlook for 03 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 3rd September 2024 - 11:21 am

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Nifty Prediction for Today - 03 September

Nifty started the first trading session of the month marginally positive, but the index consolidated within a narrow range and ended just below 25300 mark.

Nifty continued its move higher to mark a new record above 25300, with outperformance led by some of the FMCG stocks. The overall trend continues to be positive with no signs of reversal yet. The market breadth turned marginally negative which was only concern seen as it hints at stock specific profit booking.

The short term supports for Nifty are placed around 25110 and 24920 and any dips towards these supports could see buying interest in the index. Hence, traders are advised to trade with a positive bias and look for stock specific opportunities, while any dips in the index should be seen as a buying opportunity. On the higher side, the index has potential to rally towards 25400 in the near term.

 

Nifty surpass 25300 but market breadth turns negative

nifty-chart

 

Bank Nifty Prediction for Today - 03 September

The Nifty Bank index too traded within a narrow range on Monday and ended the day with marginal gains. The index could trade within a broad range of 1000 points in the near term with resistance seen around the 52000 level which is the 61.8 percent retracement level of the recent correction, while the support for the index is placed around 51000.

It is advisable to trade with a stock specific approach within the banking and NBFC sector from a short term perspective. 

 

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25180 82300 51150 23610
Support 2 25130 82100 51000 23570
Resistance 1 25330 82860 51580 23820
Resistance 2 25400 83000 51720 23870
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