Market Outlook for 12 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 12th September 2024 - 10:24 am

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Nifty Prediction for Today - 12 September

Nifty resisted around the previous day’s high of 25120 and corrected during the later part of the day. The index ended the day just above 24900 with loss of half a percent.

Nifty has resisted around the 61.8 percent retracement mark of the recent correction which is seen in the range of 25100-25150. On the flipside, the RSI has given a negative crossover, but the prices have not yet breached its 40 DEMA support which is placed in 24700-24650 range.

Thus, this seems to be a time wise correction where the index could oscillate within this range for the short term. A breakout on either side could then lead to a directional move and hence, traders are advised to trade with a stock specific approach for now, and trade for a directional move in the index only beyond the above mentioned range. The short term momentum readings are negative, and hence it is advisable to avoid aggressive bets.

 

Index trades in a range, stocks specific activity seen

nifty-chart

 

Bank Nifty Prediction for Today - 12 September

The Nifty Bank index traded within a range on its weekly expiry day, and ended around the 51000 mark. The banking index has been consolidating within a range since last few weeks and has formed a ‘Symmetrical Triangle’ pattern on the daily chart. Until we see a breakout beyond the range, the consolidation could continue.

Traders are advised to wait for a breakout on either side to form a directional view. The support for the index is around the swing low of 50400 while 51500 and 51750 are the resistance levels.    

 

 

bank nifty chart

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 24830 81250 50830 23500
Support 2 24750 81000 50650 23400
Resistance 1 25060 81970 51300 23700
Resistance 2 25200 82400 51600 23800
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