Market Outlook for 10 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 10th September 2024 - 10:11 am

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Nifty Prediction for Today - 10 September

Nifty started the week marginally negative as the global equity markets had hinted at some weakness. However, the markets recovered from the lows led by the banking heavyweights and the Nifty ended the day around 24950 with gains of about one-third of a percent.

already seen a sharp fall on Friday, the global cues were factored in to a large extent and thus our markets recovered from the initial hour of correction. The FMCG stocks played a pivotal role as these defensive stocks witnessed buying interest, while the long time-underperforming banking index too rallied and outperformed.

The daily RSI readings are negative, while the hourly readings have given a positive crossover and thus this should be read as a pullback move for now. The immediate hurdles in the index are seen around 25050 and 25110 which need to be surpassed for a sustainable upmove. On the other side, the immediate support for Nifty is placed around the 40 DEMA at 24640. 

 

Pullback move in index led by FMCG and Private banks

nifty-chart

 

Bank Nifty Prediction for Today - 10 September

The Nifty Bank index took support around 89 DEMA on Monday, and rallied higher led by an outperformance from the private sector banks. Thus, Monday’s low of 50400 will be seen as the crucial support for the short term. On the higher side, The immediate resistance for the index is seen around 51250 followed by the swing high of 51750.

A breakout from these important levels on either side will lead to the next directional move. Traders are advise to trade with a stock specific approach in the banking space.      

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24800 81080 50900 23630
Support 2 24670 80600 50600 23530
Resistance 1 25010 81850 51420 23820
Resistance 2 25090 82120 51700 23930
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