Market Outlook for 19 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 19th September 2024 - 10:39 am

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Nifty Prediction for Today - 19 September

Nifty consolidated within a range ahead of the FED policy outcome and it ended the day below 25400 with a marginal loss. 

In last four trading sessions, Nifty has consolidated within a range as markets participants awaited the FED policy outcome. In Wednesday’s session, The IT stocks witnessed profit booking which led to a sharp correction in the IT stocks, but the banking and financial space rallied higher due to strong buying interest.

This prevented the index from any sharp directional move and hence, the important supports for the index are intact. Now, the policy outcome could have a short-term impact but it we look at the levels, then 25200 followed by 25000 will be seen as crucial short-term supports. Till these supports are intact, the broader trend remains positive while on the higher side, 25500 is the breakout level above which the index would resume its positive momentum and rally towards 25700-25800 zone.

The downmove in the IT stocks should be seen as a corrective phase within an uptrend. We could see some more retracement before formation of any higher support base and hence, short term traders can wait for some more pullback. 

 

Profit booking in IT stocks, but banking heavyweights keeps trend intact

nifty-chart

 

Bank Nifty Prediction Today - 19 September

The Banking and the financial stocks rallied sharply as fresh buying interest was seen post the recent consolidation breakout in the Bank Nifty index. The near term trend remains positive and the index could continue the momentum towards 53030 followed by 53350. On any declines, 52100 will be seen as the immediate support for the index. 

 

bank nifty chart

 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25190 82300 52280 24080
Support 2 25000 81600 51800 23830
Resistance 1 25500 83500 53080 24500
Resistance 2 25700 83800 53350 24660
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