** Nifty & Banknifty Analysis & Prediction for 22 Sept **

MARKET ANALYSIS AND PREDICTION FOR 22.09.21 (WEDNESDAY ) EXPIRY ON 23 SEPT
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* NIFTY 50 *
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SUPPORT AREAS RESISTANCE AREAS
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1ST SUPPORT AREA : 17520.20-17536.85 | 1ST RESISTANCE AREA : 17610.40-17632.80

2ND SUPPORT AREA : 17421.90-17438.80 | 2ND RESISTANCE AREA : 17691.20-17713.10





* NIFTY BANK *
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SUPPORT RESISTANCE
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1ST SUPPORT AREA : 37043.60-37175.05 | 1ST RESISTANCE AREA : 37557.15-37708.25

2ND SUPPORT AREA : 36805.70-36875.95 |






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Here are the factors behind today's rally:

1 European markets on the up

Despite weak US and Asian markets, positive European markets provided support to the Indian indices.

The European indices FTSE, CAC, DAX were up over 1 percent each after the European Central Bank policymakers said
the recent inflation surge was temporary.

2 Dow Futures up over 300 points

US stock futures also bounced a day after global markets were roiled by concerns that the potential default by Evergrande,
the world’s biggest property developer, could hurt China’s real estate sector, banks and the global economy.

3 Short covering in most beaten-down sectors

The rally was also supported by beaten-down sectors, with metal indices rallying over 2 percent after tanking nearly
7 percent in the previous session.

Also, capital goods, oil & gas, IT and realty were seen the buying interest and gained 0.5-3.5 percent.

Technical View

The Nifty formed a bullish hammer kind of candle on the daily scale and closed with gains of around 165 points.

Now it has to continue to hold above 17,500 zones, for an up move towards 17,650 and 17,777 zones,
whereas support is placed at 17,350 and 17,272 zones.
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