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Nifty Prediction for Monday, 16 September 2024.
Nifty traded flat in the red zone with a minor loss last Friday, despite a sharp breakout earlier in the week. Unexpectedly, the market rallied, overshadowing previous bearish indicators. With a positive market outlook, Nifty is expected to consolidate near the 25,500 resistance level. FIIs' bullish activity and a US Fed meeting suggest a potential rally, but a correction may occur pending interest rate announcements.
Last Friday, Nifty traded flat in the red zone after opening a bit higher, closing the day with a minor loss of 32.40 points – near its all-time high level.
As it witnessed a sharp breakout on the weekly expiry day, this consolidation was not expected as the near-term resistance was shifted at the 25,500 level, but anyway, Nifty managed to end the week near its high levels with a weekly gain of a whopping 2.10% or 520.15 points.
The eye-catching that happened in the last week is that Nifty trapped most of the retailers by surprisingly rallying on the weekly expiry day led by the FIIs because on the weekly chart, Nifty formed a Bearish Engulfing Candle in the previous week and it is expected that the Nifty will fall but surprisingly – it rallied and formed a Bullish Engulfing Candle this week (totally neglecting the previous Candlestick Pattern) – indicates a rally in the coming weeks.
Looking at the Nifty 50 Stocks,
Top Gainers: Wipro, Bajaj Finserv, Bajaj Finance, Grasim Industries, IndusInd Bank
Top Losers: SBI Life, Adani Ports, HDFC Life, ITC, Coal India
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty 50 Prediction for 16 September 2024
On the hourly chart, Nifty is seen forming a Rising Wedge Pattern along with a Bearish Belt Hold the Candlestick – after bouncing back from the corrective phase, indicates that the market may consolidate this week near the resistance level.
Also, we have a big event lined up this week – which is a US Fed meeting about the interest rate cut and it is expected that Powell will likely cut the interest rate by 50 bps or 25 bps – which ultimately boosts the Equity Market globally including India.
Hence, we may see a rally in the coming days but till the market is expected to consolidate or correct marginally.
FIIs Data
As of now, FIIs have bought shares worth Rs. 17,630 Cr this month, which is the highest this year – in which more than Rs.10,000 Cr worth share was bought in the last 2 trading days.
Along with the cash market, FIIs have also made Fresh Long Positions in the Futures segment – indicating a Bullish market ahead, where they bought Futures worth Rs. 1339 Cr on Friday.
Also, we can see a rise in the FII OI in Index Futures along with the Index, which means Long Buildup in the Futures Segment – which is a positive signal for the Market.
What to Expect from Nifty on 16 September 2024
The overall market view is Positive, but as the Nifty has formed a sudden Bearish Candlestick and chart pattern we may see a correction or consolidation in the Nifty in the coming days – till the Fed rates are announced.
Where Nifty is set to rise, it has a strong resistance placed at the 25,400, and 25,500 levels followed by the 26,000 mark. On the flip side, Nifty has strong support at the 25,200 level followed by the strongest one at the 25,000 mark.
For Monday, 16th September 2024 – Nifty is likely to consolidate near the resistance level of 25,500 and retail traders should look for stock-specific options for better profitability.
“Here are the trading levels for Nifty – 25,200 – 25,500“
Nifty 50 Support and Resistance for 16 September 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 25,200 | 25,400 |
| 25,000 | 25,500 |
| 24,800 | 26,000 |
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 🙂
