Market Outlook for 27 September 2024

Ruchit Jain Ruchit Jain

Last Updated: 27th September 2024 - 11:14 am

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Nifty Prediction for Tomorrow - 27 September

Nifty continued its uptrend and rallied sharply on the September series expiry day. The index registered a new record of 26250 and ended the day above 26200 with gains of over 200 points.

The uptrend continued for the benchmark index led by the heavyweights which witnessed buying interest, while the midcaps underperformed. The midcap index has shown signs of some divergence in last couple of sessions as profit booking is seen there, while the RSI oscillator of Nifty too has reached the overbought zone.

However, until the index breaks any near term supports or witnesses any negative pattern, it is better not to preempt any reversal just because of overbought set-ups as the sector rotation play could keep the momentum intact in the overbought zone as well. The immediate support for Nifty is placed around 26000 followed by short term support at around 26870.

On the higher side, we had highlighted the possibility of the index testing 26270 which were the retracement levels which is almost done. This level, followed by 26650 are the hurdles to watch. 

It is advisable to stay with the trend, but one should be very selective in picking short term trades at this juncture and keep trailing stop losses on existing positions. 
 

Buying momentum in large caps keeps the uptrend intact

nifty-chart

 

Bank Nifty Prediction Tomorrow - 27 September

The Nifty Bank index rallied further and tested our mentioned level of 54350 which was the retracement level of the previous correction. The RSI remains positive while the immediate support has shifted higher to 53750. Traders are advised to trail stop losses higher on long positions. A sustained up move if continued could lead the index towards 55000 and 55640 in the short term. 

 

bank nifty chart

 

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  NIFTY Levels SENSEX Levels BANKNIFTY Levels FINNIFTY Levels
Support 1 26060 85300 54100 25000
Support 2 25900 84800 53830 24840
Resistance 1 26310 86150 54550 25250
Resistance 2 26400 86450 54750 25360
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