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 Thursday, 19 September 2024. Weekly Expiry
Nifty closed slightly lower at 25,377.55 after reaching a new high, following the US FED's interest rate cut. The market exhibits a Rising Wedge Pattern, indicating potential bearish trends despite a possible rally. Optimism remains for Nifty to exceed 25,500 soon - fueled by the US Fed Interest Rate cut. For Retail Traders tomorrow's market will be full of surprises, and Nifty is likely to witness its higher Volatile day of September.
Nifty ended marginally lower today, after making a new all-time high of 25,482.20, after a full week consolidation, following today’s US FED interest rate cut – at a loss of just 41 points or 0.16% at 25,377.55 which is a like a correction before a rally.
Anyway, we have a full week of consolidation (as I predicted back then on 12 September) in Nifty as traders start to get a conviction about the Fed meeting and rate cuts this week – and in suspense of 25 or 50 bps rate cut, Nifty hold steady within a range – where it forms a Rising Wedge Pattern – which is mostly a bearish one.
As of today, Nifty forms a spinning top-like candlestick which is usually considered bearish – so for traders its a dilemma, as the market is ready for a rally following the interest rate cut – but the Technical is signaling a negative trend.
Today is the weekly expiry of the Bank Nifty Index – and surprisingly the Bank Nifty rose more than 1% today – totally against the current market condition where all the major Indices are bearish, only Bank Nifty and the Bankex traded in Green. The losers were, Nifty IT which fell drastically by more than 3% followed by Healthcare and Nifty Oil and Gas Sector.
Looking at the Nifty 50 Stocks,
Top Gainers: Shriram Finance, Bajaj Finance, Bajaj Finserv, Nestle India, HDFC Bank
Top Losers: TCS, Infosys, HCL Tech, Tech Mahindra, Wipro
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty 50 Prediction for 19 September 2024
On the hourly chart, Nifty seems fine – where it forms a new high today, then corrected a bit, and takes support at the 50 EMA – everything looks fine, but we have a Rising Wedge pattern – following which Nifty may fall in the coming days as this pattern is mostly bearish.
While on the Daily chart of Nifty 50 – it formed a Spinning Top Candlestick Pattern – which is usually a Bearish Pattern – at that time, where a partial rally is likely in the Indian market after the US Fed rate cut today – but these patterns are might for the wild situation – because if the US Fed cut the rate by 50bps and says they need to do more and are worried about growth, it could lead to stress in stock prices as investors may take it as a signal of the US economy tipping into recession (ET Markets).
Anyway, we have a healthy-looking market for tomorrow following the weekly expiry of the Nifty50 and the US Fed rate cut – so we are expecting a rally in the market amid all the bearish patterns – and Nifty will likely hit a new mark of 25,500 tomorrow.
Technical Indicators
Also, the India Vix rose slightly today by 6.28% – trailing to 13.37, indicating uncertainty among the traders. The RSI has been stable for a week and is currently in a favorable buying zone near 60 which is usually a sign of a Trending Market. The PCR also stood at 0.9 which is just an indecisive zone.
In a simple word, tomorrow’s market will be full of surprises, because there is no clear indication of either a rally or a fall. So the best part you can do is observe the US market and whether it goes, Nifty will likely follow it.
The fearful thing that happened today is the change in the Call and Put OI in Nifty50 where the ratio of Put and Call OI change for today is 1:10 – which means Nifty has added 10 times more Call OI than the Put today. For context – a total of 1.2 Cr Call OI was added today, compared to just 9.6 Lakh Put OI.
What to Expect from Nifty on 19 September 2024
But, Anyway for Tomorrow, 19th September 2024 – My view is positive for the market – and most likely Nifty will rise above 25,500 or 25,600, but as tomorrow is the weekly expiry of the Nifty 50 we may see a highly volatile market on Thursday.
so better is to observe the market first and then make any decision. And if the US market is trending tonight, then you can take a chance to go long in Nifty for Thursday – but if it looks suspicious, then my advice is to go with Stock Specific Trades, especially Banking Stocks.
Following today’s market, Nifty’s nearby support for 19 September is shifted at 25,300 followed by 25,200 and 25,000 levels, where the immediate hurdles are at the 25,500 level following 25,600, 25,800, and 26,000 levels with the highest Call OI of 1.06Crs.
“Here are the trading levels for Nifty – 25,000 – 26,000“
Nifty 50 Support and Resistance for 19 September 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 25,300 | 25,500 |
| 25,200 | 25,800 |
| 25,000 | 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 🙂
