Nifty Outlook For - 26 December 2024
Market Outlook for 27 September 2024
Last Updated: 27th September 2024 - 11:14 am
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.
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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
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.
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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