MARKET ANALYSIS AND PREDICTION FOR Week Ending ON 16 SEPT
*******************************************************
* NIFTY 50 *
---------------------
SUPPORT AREAS RESISTANCE
--------------------------- ----------------------------------
1ST SUPPORT AREA : 17338.55-17354.25 | 1ST RESISTANCE AREA : 17380.00-17390.65
2ND SUPPORT AREA : 17300.50-17311.70 | 2ND RESISTANCE AREA : 17418.60-17426.95
3RD SUPPORT AREA : 17252.45-17263.00
* NIFTY BANK *
------------------------
SUPPORT RESISTANCE
----------------------------- ----------------------------------
1ST SUPPORT AREA : 36484.80-36552.40 | 1ST RESISTANCE AREA : 37043.60-37175.05
2ND SUPPORT AREA : 36145.75-36262.30 | 2ND RESISTANCE AREA : 37557.15 - 37708.25
PIVOT : 36830.25
-----------------------------------------------------------------------------------------------------------------------------------------------------
EXPECTATION : The market closed an otherwise volatile session with moderate gains on September 9,
but the broader market continued to outshine key benchmarks. Select FMCG, IT and metal stocks led the support to the market,
whereas select banks and pharma stocks saw selling pressure.
The BSE Sensex climbed 54.81 points to 58,305.07, while the Nifty50 was up 15.80 points at 17,369.30 and
formed bullish candle on the daily charts as the closing was higher than opening levels.
The index during the week gained third of a percent and formed Doji kind of candle on the weekly scale.
Due to lack of follow-through buying interest, benchmark Nifty consolidated in the range of 17,250-17,450 levels.
While the medium-term trend is still positive, traders may prefer to book profits near resistance levels due to an overstretched rally.
For the bulls, 17,250 and 17,200 would be key support levels. Above the same, the uptrend formation is likely to continue up to 17,450-17,650 levels.
On the flip side, dismissal of 17,200 may fuel further weakness up to 17,100-17,000 levels
Key support and resistance levels on the Nifty & Banknifty provided above.
---------------------------------------------------------------------------------------------------------------------------------------------------------------
