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 Monday, 23 september 2024
Nifty displayed notable volatility, and rose 1.48% influenced by a US Fed rate cut and strong FII buying - crossing the 25,800 level. The market anticipates a positive outlook with resistance at 26,000. Key support is at 25,500-25,450 level.
| Nifty Support | 25,650 – 25,500 |
| Nifty Resistance | 25,850 – 26,000 |
| Highest Call OI | 26,000 (62.98L) |
| Highest Put OI | 25,500 (75.05L) |
| Nifty Trend | Positive/Bullish |
| Current Pattern | Confirmation of Bullish Engulfing on Weely Chart |
| PCR | 1.49 (Bullish) |
| Prediction for 23 Sep, 2024 | Slightly Bullish with resistance at 26,000 |
| Buying Zone | Below 25,600 – 25,500 |
| Selling Zone | Above 26,000 |
Nifty witnessed significant volatility (where Nifty fell 300 points in just 10 minutes but took support at the 25,500 level) on the last day of the week and yet managed to close the week with a gain of nearly 1.70% and a daily gain of 1.48% driven by a positive sentiment after the US Fed cut the interest rate by 50bps and the intense buying by the FIIs on Friday – shoot Nifty above the 25,800 level.
On Friday, Nifty rallied 1.48% despite opening nearly flat led by Index heavyweights where it made a new all-time high of 25,849.25 and somehow managed to close the day near this level despite a highly volatile session.
Almost all the sectors posted a significant rise yesterday, where the Realty Sector rose the most followed by consumption, Auto, Banking, and Metal, whereas we saw a considerable profit booking in sectors like IT, Oil & Gas, and Healthcare before the Fed event.
Looking at the Nifty 50 Stocks,
Top Gainers: M&M, ICICI Bank, JSW Steel, L&T, Coal India
Top Losers: Grasim Industries, SBI, NTPC, IndusInd Bank, HeroMotor Corp.
Also Read: Top 10 Mutual Fund Companies in India
Nifty 50 Prediction for 23 September 2024
Despite giving too many bearish signals, Nifty traded higher on the last day of the week, rising nearly one and a half percent as the FII’s aggressive buying in both cash and Futures segments indicates a quite healthier market ahead.
FII’s aggressive buying took Nifty higher
As of now, FIIs have posted a record buying of over Rs.14,000 crores in the cash segment in a single day this year (shown in NSE) which is the highest buying in a month in 2024 with over 29,000 crores as of today.
Also in the Futures segment, we saw a record buying by the FII’s in the Futures Segment in both Nifty and Bank Nifty where they bought Nifty Futures worth Rs.7,128 cr and Bank Nifty Futures worth Rs.2,079 cr – while the smaller indices saw some selling in the Futures segment.
As the Futures rise, the FII OI in the Futures also rises to its highest number of 3.59L which means that the FIIs are net long in Nifty and the market will rise higher from here in the coming days.
Nifty Technicals
As of Now, we have a Bullish confirmation in the Nifty 50 in the weekly chart, where Nifty rose higher from its previous candlestick after a Bullish Engulfing Formation, which indicates a Bullish Market in the coming weeks, and Nifty may likely rise further to 26,000 by the end of this month, and cross the 27,000 in the next two to three months.
Anyway, for Monday, we expect a positive market, as the Asian Market is mostly higher and a consolidation will be seen in the US market, where the most European markets are trading in Red.
So for 23rd September, the Nifty will likely rise further fueled by Friday’s FIIs buying but we also have a strong resistance at the current 25,800 and the upcoming 26,000 levels – where the Nifty likely take a pause and then rise further.
What to Expect from Nifty on 23 September 2024
The market view is Positive for Monday, 23 September 2024 and Nifty will likely reach 26,000 – but we have strong resistance at the current levels where the 25,800 has nearly double the Call OI than the Put OI which is not a good sign for Nifty and Nifty might spend some time to cross this level if it anyway fall below from the current level of 25,820 or open lower on Monday.
Now the immediate support for Nifty has shifted to the 25,500 – 25,450 level and till these levels are intact, the Nifty trend remains bullish and we can trade with a positive bias – grabbing the opportunity of Buying in Dips.
And, if Nifty continues to rise further then the next target for Nifty would be obviously 26,000 and the next 26,200 and after that, we may expect some consolidation or correction.
By the way, 26,000 is the strongest resistance level for Nifty with a Call OI of 63lakh, followed by 26,200 and then 26,500 level, where the support for Nifty is placed at 25,650, and 25,500 levels.
“Here are the trading levels for Nifty – 25,600 – 26,200“
Nifty 50 Support and Resistance for 23 September 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 25,650 | 25,850 |
| 25,500 | 26,00 |
| 25,400 | 26,200 |
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 🙂
