Nifty and Bank Nifty Consolidate Amid Volatility: Expert Predictions

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Nifty and Bank Nifty Consolidate Amid Volatility: Expert Predictions The Nifty 50 and Bank Nifty indices are currently experiencing consolidation amidst volatility in the Indian stock market. On July 6, 2024, the Nifty 50 maintained an upward trajectory, hitting a hurdle at 24,400-24,500, while finding immediate support at 24,200. The Bank Nifty, on the other hand, is expected to face a crucial level at 53,000 for further uptrend, with support at 52,500, according to experts. The Nifty 50 has shown resilience in the face of bears attempting to exert pressure, with bulls maintaining control. The index marked a new closing high of 24,302 on July 4, before hitting 24,400 for the first time on July 5. The Bank Nifty also recorded a new all-time closing high of 53,104 on the same day. With 1,276 shares advancing and 1,073 declining on the NSE, the market sentiment remains optimistic. Technical analysts like Deven Mehata from Choice Broking suggest that the Nifty has strong support levels at 24,150 and may face resistance near its all-time high at 24,400. Similarly, Chandan Taparia from Motilal Oswal Financial Services highlights the importance of the 24,250 level for further upward momentum, with a trading range between 24,200 to 24,400 for the Nifty. In terms of strategy, experts recommend buyers to target levels of 24,400 and 24,600 with stop-losses at 24,000, while keeping an eye on the resistance levels at 24,500 and 24,600. Additionally, Bank Nifty is displaying a bullish momentum, with a target of 53,700 if it manages to close above 53,350. Overall, the market outlook remains positive, with the Nifty 50 and Bank Nifty poised for further upmoves, provided they can consolidate before showing another leg of the upmove. It is essential for investors and traders to monitor key support and resistance levels closely to make informed decisions in the volatile market environment.