WEEKLY RESISTANCE FOR NIFTY: 19800, 20000, 20200
PIVOT POINT: 19600
WEEKLY SUPPORT
FOR NIFTY: 19400, 19200, 19000
WEEKLY CHART FOR NIFTY
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Nifty closed lower on September 18 in a
volatile session. At the close, Nifty fell 0.35% or 69 points to 20122. Volumes
on the NSE continued to decline. The smallcap index fell more than the Nifty
even as the advance drop ratio fell sharply to 0.65:1. Global stocks mostly
fell on Monday as growth concerns tested investors' nerves ahead of a week of
central bank meetings in five of the 10 most widely traded currencies. Ahead of
these policy decisions, which will show how major central banks see progress in
the fight against inflation, traders have taken risk off the table. 19
sep 2023 market was closed on occasion of Ganesh chaturthi. Indian stock indices closed lower for the second
consecutive day on September 20, with Nifty falling below 19900 as heavyweights
and all sectors sold off, except energy stocks. At the close, the Sensex was
down 796 points at 66800 and the Nifty fell 231 points to 19901. After a gap
down start, the market remained under selling pressure and extended losses
throughout the day to end near the day's low. The Sensex and Nifty indices
touched the day's low of 66728 and 19878. Domestic benchmark
indices closed with losses for the third straight day on September 21 after the
US Federal Reserve maintained status quo at its policy meeting but suggested
interest rates would remain higher for longer. Sensex fell 570 points to 66230, while the
broader Nifty fell 159 points to 19742. The biggest detractors for the indices
were stocks from the banking, automotive and financial services sectors.
Bearish sentiment in global stock markets led to selling in the domestic market
for the third consecutive day as investors worried about the US Federal
Reserve's statement announcing another interest rate hike later this year. Markets extended
decline and lost nearly half a percent on 22 September 2023, in continuation to
the prevailing corrective phase. After the initial uptick, Nifty oscillated
sharply in a range and finally settled around the day’s low at 19674 levels.
NIFTY: STRONG SUPPORT& STRONG
RESISTANCE LEVEL
Nifty faced sustained selling pressure throughout
the week, resulting in a decline of 2.80% from its all-time high. This latest
correction has caused it to fall below the critical 21-day Exponential Moving
Average (21EMA). Sentiment appears to be bearish at this point, with a key
support level identified at 19,600. A break below 19,600 could potentially
trigger a stronger market correction. On the upside, 19,800 is likely to serve
as a resistance level.
TECHNICALLY SPEAKING
The downward spiral in markets
continued despite the recovery in other Asian markets, as investors booked
profits for the fourth consecutive session following the recent rally. While
Indian market valuations have turned expensive, other major concerns such as
rising crude oil prices, a stable US dollar index and government bond yields
coupled with continued FII selling have dampened sentiment. Technically, the
Nifty has formed a long bearish candle on the weekly charts, indicating weak
sentiment in the near future. However, due to temporary oversold conditions, we
could expect a one-off recovery rally in the near term. For short-term traders,
the 50-day SMA (Simple Moving Average) 19600 and 19500 would now be key support
areas, while 19800 and 19900 could be key resistance areas. For Bank Nifty, the
50-day SMA or 45,000 would be the untouchable support level. As long as the
price is below this value, the weak mood is likely to continue. Below this the
index can slip to 44300-44000. On the other hand, a new uptrend is only
possible once a 50-day SMA or 45,000 is cleared, above which it could rise to
45,400-45,500.
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