Nifty and Bank Nifty Prediction for the week 05 Aug’24 to 09 Aug’24 by BL GURU

Global equity markets have come under pressure as the fear of a #recession in the #US has resurfaced after the weak economic data releases last week. The initial trigger for the fall in equities came from the #PMI data release on Thursday and the #jobsdata release on Friday has added more fuel to it.

On the charts, the equity indices have started to come down from a crucial resistance. That leaves the chances high to see more fall in the #dowjones, #nifty50, #banknifty from current levels.

#Nifty can fall to 24,450 and even 24,100. We can expect a bounce from around 24,100 initially and then it is important to see if that bounce is sustaining or not.

#NiftyBank index can fall to 50,500. Failure to bounce back after that can drag the #bankniftyindex down to 50,000 and even 49,500-49,000. In case the #niftybankindex manages to bounce from 50,500, a range of 50,500-52,500 is a possibility.

#DowJones is looking bearish. It can break its immediate support at 39,200 and fall to 38,200 in the coming weeks.

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