Market Outlook for 07 October 2024
Market Outlook for 13 September 2024
Last Updated: 13th September 2024 - 11:24 am
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.
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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
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.
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 |
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