Nifty analysis for 27th September 2024

27 ก.ย.

Good morning everyone
27 Sept. 2024, Friday

Whoever has tried to predict the market has been destroyed again and again, this week included. The market won’t change because people remain the same. History doesn’t repeat, but people do.

So, once again, I’m saying — stop chasing the market, #Nifty, #Banknifty, breakouts, or gap-ups. Instead, learn to create your own setup and stick to it. Just stick to it!

It’s that simple.

Regarding NIFTY, ADR rose along with inflows from FIIs and DIIs into index futures. But the benchmark index now needs to cool off on the daily chart, and today is the last day of the week. So, be cautious and play light today if you're new to the arena.

A minor #support can be spotted at 26088. If we see a closing below this, then 25740 is the probable downside target.

#Resistance can be placed at 26265. Above this we can see 26377 target.

It would be best to avoid trading today and wait for the index to either break the resistance and sustain above it or cool off to the support and bounce back.

BANKNIFTY retested the trendline support today itself and bounced back with a Doji pivot. A mini support is placed at 54250, and resistance at 54470. No trading zone between these levels.

CNXFINANCE support is at 25038. Below this, we may see the 24624 level being tested. Resistance is at 25205.

CNXPSUBANK stocks are looking good now.

That’s all for the day. Have a profitable day ahead!