Market Outlook for 17 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 17th September 2024 - 10:05 am

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Nifty Prediction for 17 September

On Monday, the Nifty index traded within a narrow range, showing stock-specific momentum throughout the day. It concluded just below 25,400 with slight gains. 

Despite the index's consolidation, the market exhibited individual stock specific movement. Currently, the Nifty is near the upper boundary of a 'Rising Wedge' pattern, positioning it at a critical point. However, there are no indications of weakness, as the market breadth remains positive.

Traders are therefore advised to follow the direction of the primary trend. Immediate support for the Nifty is around 25220, followed by 25100, while resistance levels are seen at approximately 25500 and 25700. With the upcoming global event of FED's policy decision, we anticipate that the index will continue to trade within this range.

 

Nifty trades in a range amidst stock specific positive momentum

nifty-chart

 

Bank Nifty Prediction for 17 September

The Bank Nifty index witnessed a gradual upmove post the recent consolidation breakout and it surpassed the 52000 mark. The RSI oscillator hints at a positive momentum and the near term trend looks positive. The immediate hurdle for the index is seen around 52340 which need to be surpassed for a continuation of the trend. On the flipside, 51800 and 51600 are the immediate supports.  

 

bank nifty chart

 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25280 82650 51800 23850
Support 2 25220 82470 51690 23770
Resistance 1 23770 83350 52340 24150
Resistance 2 25500 83520 52550 24220
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