Market Outlook for 11 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 10th September 2024 - 05:49 pm

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Nifty Prediction for Tomorrow - 11 September

Our markets witnessed a positive momentum in Tuesday’s session and the index rallied to surpass the 25100 mark again. It gave up some of the intraday gains towards the end, but managed to close well above 25000 mark.

The positive U.S. markets movement led to a relief amongst market participants and thus, buying interest resumed in our markets which led to a strong market breadth. Nifty rallied higher during the day, but resisted around the 61.8 percent retracement level which was in the range of 25100-25150.

The immediate support for Nifty is placed around 24700-24650 zone while hurdles are seen around 25120 and 25280. A breakout beyond these levels would lead to a directional move and till then, one can prefer to trade with a stock specific approach.

The Banking index supported the markets on Monday and the IT stocks on Tuesday. This clearly hints at sector/stock specific momentum which could continue in the near term.

 

IT stocks led upmove in index, Nifty reclaims 25000

nifty-chart

 

Bank Nifty Prediction for Tomorrow - 11 September

The Nifty Bank consolidated in a range with a positive bias in Tuesday’s session. The index took support around 89 DEMA on Monday, which is now a crucial support. On the higher side, a falling trendline resistance is seen around 51600-51750 range and if then index surpasses this, then we could see a trended upmove in the banking stocks. Traders are advised to trade with a stock specific approach in the banking space.      

 

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24910 81500 51030 23540
Support 2 24790 81100 50790 23420
Resistance 1 25150 82270 51440 23780
Resistance 2 25260 82600 51600 23920
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