Market Outlook for 13 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 13th September 2024 - 11:24 am

Listen icon

Nifty Prediction for Today - 13 September

On the weekly expiry session, Nifty consolidated in a range for most part of the day; but the index witnessed sharp upmove post 2 p.m. and this led to a breakout in the index. Nifty rallied by about 450 points in an hour and ended above 25300 with gains of over one and a half percent.

In last few trading sessions, Nifty has consolidated in the range of 24750-25150. The index surpassed the resistance end in Thursday’s session led by momentum in the index heavyweights. This led to a sharp upmove in the rest of the session and Nifty registered a new record high of 25433.

On the daily chart, the recent price action has led to formation of a ‘Rising Wedge’ pattern where Nifty tested the higher end of the pattern. A move above Thursday’ high should lead to continuation of this upmove towards 25490 followed by 25690. On the flipside, the breakout zone of 25150-25100 will now be seen as the immediate support zone.  

 

Last hour buying leads to new highs for benchmark

nifty-chart

Bank Nifty Prediction for Today - 13 September

The Nifty Bank index too rallied along with the other heavyweights and the index gave a breakout from the recent consolidation phase. This could lead to a trended upmove in the banking stocks in the near term and the index could see a catch up move to cover up the recent underperformance.

The immediate support for the index is now placed around 50950 while resistance will be seen around 52350. Traders are advised to trade with a positive bias and look for buying opportunities in the index heavyweights.

 

bank nifty chart

 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25220 82500 51500 23800
Support 2 25120 82200 51200 23700
Resistance 1 25500 83500 52020 24050
Resistance 2 25700 84000 52370 24230
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree T&C*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 07 October 2024

by Sachin Gupta 4th Oct 2024

Market Outlook for 04 October 2024

by Ruchit Jain 4th Oct 2024

Market Outlook for 03 October 2024

by Ruchit Jain 3rd Oct 2024

Market Outlook for 01 October 2024

by 5paisa Research Team 1st Oct 2024

Market Outlook for 30 September 2024

by Ruchit Jain 30th Sep 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?