Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Nifty Prediction for 10 September 2024. Nifty near 25,000 level
Nifty opened lower but recovered, led by FMCG and Banking stocks, after a global selloff due to weak US Jobs data. Market view is neutral with resistance at 25,000; recovery is anticipated as a pullback for now. Also the Nifty futures rose moderately, indicating a positive short-term market sign. Support levels for Nifty on September 10, 2024, are at 24,800, 24,600, and 24,500, while resistance levels are at 25,000, 25,200, and 25,300.
As Expected Nifty rises after opening in red which is most likely a pullback for further fall once it makes a round from the 25,000 mark.
Today, Nifty opened lower but sooner it jumped back into green territory and continued to trade in green while struggling to make any big move with resistance near the 24,950 level.
Led by the FMCG and the Banking stocks, Nifty somehow showed some recovery today, after a steep correction last week, because of the global equity selloff (affected by the weak US Jobs data of August) mostly in the tech sector – and ended the day in green above the 24,900 – pausing the two days losing streak.
Looking at the Nifty 50 Stocks,
Top Gainers: HUL, Shriram Finance, ICICI Bank, ITC, Britannia
Top Losers: ONGC, Tech Mahindra, BPCL, Tata Steel, NTPC
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty 50 Prediction for 10 September 2024
As the Market is showing a recovery, we still need to stay cautious till the Nifty settles above 25,000 – as technical indicators are likely negative on the daily timeframe – hence this might be a pullback for now, and the Nifty may fall out of nowhere.
Also, we have a Bearish Engulfing Candlestick on the Nifty weekly chart, which is a bearish reversal candlestick pattern, and the market is facing resistance near the 25,000 level too, so we can expect some more correction in Nifty in the coming weeks.
The RSI and the MACD are also negative on the longer timeframe – which is a bearish sign. But the India Vix fell by 6.44% today most likely because of the US monetary policy anticipation. Along with these, Nifty also rose above its 20-day EMA on the daily chart, which is a good sign for the market as of now.
But still today recovery is anticipated as a Pullback for now, till Nifty completely settles above the 25,000 level.
Nifty Futures
Following the Nifty50 – Nifty Sep futures also rose moderately by 0.35% leading a decimal point above the 25,000 mark, but closed marginally lower at 24,993 which indicates a positive sign for the market, for the short term.
What to Expect from Nifty on 10 September 2024
Market View is Neutral, as Nifty is recovering from the week’s low and we have a nearby resistance of the historic 25,000 mark.
So, for Tuesday, 10 September – Nifty is likely to open flat or a little gap up around the 25,000 level and most likely trade around this level.
The nearest market resistance is placed at the 25,000 level with the highest Call OI of 65.43 Lakh followed by 25,100, 25,200, and every round number levels because Nifty is in the corrective phase.
The upside in Nifty is likely lesser and most probably market needs a big event (like – the US Fed rate cut) to rally further – till then, we can expect a sideways or range-bound market.
“Here are the trading levels for Nifty – 22,050 – 22,325“
Nifty 50 Support and Resistance for 10 September 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,800 | 25,000 (Strongest one) |
| 24,600 | 25,200 |
| 24,500 | 25,300 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
