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Nifty Prediction for Monday – 09 September 2024. A Bear Fear in Nifty
The Indian market fell sharply on Friday due to weak US August Jobs data, which fell short of market expectations. The Nifty continued to fall, breaking below the crucial support level of 25,000. Public sector stocks and indices, including Nifty Oil and Gas, declined. Global markets, influenced by the US, traded lower. FIIs were the net sellers, signaling a bearish future. Nifty is expected to open flat around the 24,800 level on September 9, with key support levels at 24,800, 24,600, and 24,500.
Indian Market fell sharply on Friday after a sense of weak US August Jobs data, where it added around 1,42,000 Jobs in August which is nearly 20,000 fewer jobs than the market expectations – and this would heavily affect the US Fed rate cut decision – hence Indian Market fall on Friday.
Followed by a weak start this week, the Nifty continued to fall, and today, it fell 1.17% or 292.95 points, breaking below the most crucial support level of 25,000 once again, and this time, NIfty might face an adamant time making a new high – as we have a Bearish Engulfing Candle on the Nifty Weekly Chart – which is a fearful situation.
A major decline was seen in Public Sector Stocks, but with respect to Indices, Nifty OIl and Gas saw the most decline followed by Nifty PSE and Nifty Bank Index – with no Sector trading in Green as on Friday.
Looking at the Nifty 50 Stocks,
Top Gainers: Bajaj Finance, Asian Paints, JSW Steel, LTI MindTree, Nestle India
Top Losers: SPI, BPCL, ICICI Bank, NTPC, HCL Tech
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty 50 Prediction for 9 September 2024
Nifty has already given too many signals of a coming fall and following this we have a blood bath on the D-Street where the Benchmark Indices saw a sharp correction and most likely this correction phase will stay longer Nifty formed a Bearish engulfing Candlestick on the Weekly Chart (which is a Bearish Reversal CandleStick Pattern) – which means Nifty might take this full month in Correction or in Consolidation.
Also Nifty broke below the most crucial and important level of 25,000 on Friday, and there is literally no sign of reversal throughout the day, indicating that the Bears are strong enough to outperform the Bulls and likely will continue to rule over the market in the coming weeks.
Global Markets
The Global markets are trading in red as of Friday where the US Markets are the leader of losers where its key indices like Nasdaq fell more than 2.30%, S&P is trading 1.52% lower, and the Dow is nearly 1% down as of writing this article after the weak August Jobs Data – which will largely impact the US Fed Decision of Interest Rate Cut – ultimately hitting the Equity Market.
Following this the broader Global markets are trading lower Japan’s Nikkei is trading 0.72% lower, Germany’s DAX is training 1.48% lower, France’s CAC & UK’s FTSE are trading nearly 1% lower as of writing this article (which shows the influence of the US on the Global Economies).
FII’s and DII’s data
On Friday, FIIs remained the net sellers in the cash market worth Rs.621Cr which is lower than on Thursday, but in the Futures segment, FIIs are heavily bearish on the Indian Market where they sold Futures worth Rs. 3,107 Cr where Rs. 2,212 Cr in Nifty50 alone, which is the highest in the last 3 months -indicates a bigger event in the Future.
Also, the OI in the Futures Segment is going down from 2.09L on Thursday to 1.62L on Friday which means a Short Buildup in the Futures Segment – indicates a coming Bear market session – and will probably last longer.
Also, the legendary investor Warren Buffet is continuously selling his holdings including Apple, and Bank of America. Now he has the highest ever cash of around $277 billion – a hint of any upcoming major event and he is most likely Preparing for a Crash.
What to Expect from Nifty on 9 September 2024
The market is looking Suspicious and I am totally negative on Nifty as of now, but as Nifty fell below the 25,000 level – it is most likely that the Nifty will show some recovery and try to cross the 25,000 mark once again on Monday.
However, as it formed a Bearish Engulfing Candle on the weekly chart, the market is tempted to fall further this month, and it might take one or two more months to recover.
So, on Monday, 9 September 2024 – Nifty is likely to open flat, near the 24,800 level and if it rises from the support level of 24,800 then we may see Nifty near the 25,000 mark – but for further higher, Nifty must settle above the 25,000 on Monday, otherwise, if Nifty falls from the 25,000 then we might see Nifty near the 24,500 and then 24,000 in the coming days.
The nearest support for Nifty is at the 24,800 level followed by 24,600 and 24,500 levels, while every round number above the current market levels is a key resistance level for Nifty as of Now.
“Here are the trading levels for Nifty – 24,500 – 25,000“
Nifty 50 Support and Resistance for 9 September 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,800 | 25,000 |
| 24,600 | 25,100 |
| 24,500 | 25,200 (strongest one) |
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 🙂
