Market Outlook for 23 September 2024

Nifty Prediction for - 23 September

The week gone by witnessed a significant volatility in broader markets post the FED event, but the index rallied higher led by the heavyweights and Nifty registered a new record high above 25800. Some volatility was seen towards the end, but it managed to close around the highs with weekly gains of 1.70 percent.

Our markets continued the uptrend post the FED event where they decided to cut the interest rates by 50 bps, and global markets had seen a positive reaction to that. In our markets, certain segments such as IT, midcaps and small caps witnessed some profit booking post the event, but that was much anticipated as they had already rallied significantly before the event which led to unwinding of positions.

FIIs have continued with a majority of long positions in the index futures segment. During the end of the week, the index heavyweights witnessed a positive traction thus supporting the benchmark. Now the immediate support for the Nifty has shifted to 25450 followed by 25300.

Till these supports are intact, the trend remains bullish and hence, it is advisable to continue to trade with a positive bias. On the higher side, a continuation of the uptrend could lead the index towards the 26050 and then 26270.

On the Nifty Midcap 100 index, 58350 is the important support to watch for the near term. Amongst sectoral indices; banking, auto, FMCG and realty have positive chart structure and hence, one can look for stock specific buying opportunities from these sectors from a short term perspective. 

Heavyweights lifted the indices to new record highs

Bank Nifty Prediction - 23 September

After a long underperformance, the Bank Nifty index witnessed a sharp upmove in last one week where buying interest in the private sector heavyweights lifted the index higher. The index also surpassed the previous swing high resistance and has ended at record level which is a positive sign.

The uptrend is likely to continue and hence, one should continue to look for buying opportunities in the banking and financial space. The immediate support for the index is placed around 52800 while potential resistances/targets as per the retracements will be seen around 54350 and 55600. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels: