Nifty Prediction for 16 September: In the week gone by, Share Market outlook Nifty witnessed a breakout on weekly expiry day and it registered a new record high of 25433. The index consolidated in a range on Friday, but it managed to end the week around 25350 with weekly gains of a couple of percent.
Following a brief modification, the Share Market outlook Nifty formed a higher bottom at 24750 last week, restarting its march upwards. The increase was largely caused by FIIs, who purchased stocks in the cash sector and opened new long positions in the index contracts category on Thursday. On the daily chart, recent price activity has resulted in the building of a ‘Rising Wedge’ pattern, with the index closing to the resistance end.
As a result, the follow-up move will be critical for the near-term trend. The immediate obstacle for the Share Market outlook Nifty is expected around 25500, and if overcome, the upmove might continue towards 25700. On the other hand, 25150 then followed by 25000 will be regarded as immediate supports.
Given the broad market breadth and the favourable trend in key sectoral indexes, it is prudent to trade with the
Follow trends and hunt for purchasing opportunities. However, the next Fed event in the United States will be critical, and the market’s reaction to the policy will be vital, since the markets have already risen in anticipation. In the event of a reversal following the event, short-term traders may opt to book profits and take some money off the table.
Bank Nifty Prediction for September 16: Last Monday, the Share Market outlook Nifty Bank index broke out of a ‘Symmetrical Triangle’ pattern, indicating a positive trend. The RSI oscillator on the daily charts has also shown a positive crossing, indicating bullish momentum. The immediate challenge for the banking index is projected around 52350, which if overcome in order might propel the index to 52800-53000. On the other hand, 51000-50900 is considered as the immediate support, which should be used as a stop loss level on long positions.
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