Market Outlook for 04 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 4th September 2024 - 10:18 am

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Nifty Prediction for Tomorrow - 04 September

Nifty consolidated within a narrow range in Tuesday’s session and ended the day marginally positive around 25300.

The index consolidated in a range which just seems to be a time wise correction within an uptrend. This would relieve the lower time frame overbought set ups of RSI which would be a positive sign. Hence, until the index breaks any crucial supports, it is advisable to look for buying opportunities on intraday declines.

The immediate support for Nifty is placed around 25160 followed by near-term support in the 25000-24950 range. On the higher side, the resistances for the index are seen around 25400 and 25500.

Traders are advised to look for stock specific buying opportunities and trade with a positive bias. 

 

Nifty trades within a narrow range which seems to be time correction

nifty-chart

 

Bank Nifty Prediction for Tomorrow - 04 September

The Nifty Bank index consolidated within a narrow range through the day, but an upmove was seen in the index in the last hour of the trade led by the private sector heavyweights. The 61.8 percent retracement of the recent correction is placed around 51900-52000 range and is the immediate hurdle.

A breakout above this hurdle could lead to fresh buying interest in the index components. On the flipside, the supports for the banking index are placed around 51300 and 51000.

 

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25230 82400 51370 23690
Support 2 25190 82270 51050 23470
Resistance 1 25360 82700 51880 24050
Resistance 2 25400 82960 52070 24180
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