Market Outlook for 18 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 18th September 2024 - 10:23 am

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Nifty Prediction for Today - 18 September

Nifty continued to trade within a range on Tuesday’s session and ended the day above 25400 with marginal gains. 

Post the sharp upmove in last week, Nifty has consolidated within a narrow range in last three trading sessions. This consolidation is seen at the resistance end of a ‘Rising Wedge’ pattern and ahead of the Fed policy event. Hence, the global markets reaction to the event will be important as the equity markets have already run up before the event.

In case of any profit booking, the important supports will be around 25270 followed by 25150. On the higher side, 25500 is the immediate resistance which one surpassed, then the index could rally towards 25700. Traders are advised to stay with the primary trend, but one should keep strict stop losses on existing positions.   

 

U.S.Fed policy outcome to determine short term directions

nifty-chart

 

Bank Nifty Prediction Today - 18 September

The Bank Nifty index too consolidated within a narrow range in Tuesday’s session and ended the day on a flat note. The index is approaching the immediate resistance of 52350 which needs to be surpassed for a continuation of the momentum. On the flip side, the supports for the index are placed around 51800 followed by 51500. 

 

bank nifty chart

 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 25230 82750 52000 23880
Support 2 25270 82630 51880 23830
Resistance 1 25450 83320 52390 24100
Resistance 2 25500 83500 52500 24160
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