Market Outlook for 09 October 2024 - Nifty and Bank Nifty Prediction
Market Outlook for 12 September 2024
Last Updated: 12th September 2024 - 10:24 am
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.
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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
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.
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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