REPORT FOR THE WEEK 23/9/24 TO 27/9/24

 

Near Term and Medium Term view on Nifty and Bank Nifty

GLOBAL CUES

The rate cut of 50 BPS rolled out FED and further projection of another 50 BPS in this year has improved the investor sentiment. This should give support to global market for some time.

Nifty (25790.95):

Nifty crossed 25450,85. Being previous week high making a new high of 25849, and closed at 25790.95 up by 1.71%.

Next week View : Nifty likely to test the next resistance level of 25950-975 level and a daily close above 25950 will lead to 26115 while it enjoys a strong support near 25500-550 level.

Medium Term View – Nifty’s support moves up to  25000-25200. This level offers a very strong support to nifty and if it sustains then nifty is likely to touch 26900-27100.

Long term View:  As the ongoing bullish trend is intact, nifty is expected to move towards 26900/27200 in the coming months and any reversal from there could drag nifty till 24750.  If due to any reason nifty breaks 24750, it could lead to a further fall up to 24000.

Bank Nifty ( 53793.20)

Next week view: BN has closed above previous high of 53350 and it is all set to move towards 54600-750.

Trading range for the coming week is 53400-54600/750.

Medium Term view :  Nifty Bank’s strong support is at  52600. Fall below 52600 is less likely. Bank Nifty should clinch 55500-55750 in the course of next 2 months.

DOW Jones Industrial Averages (42063)

The index has closed with a strong note. The bullish view is intact. It can move towards 42800 next week.  From a medium term point of view Dow has the potential to move up to 44000-44500. A sharper correction is expected once it touches 44.5k.

 

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