By earn 
Market Insights for September 24, 2024: Nifty and BankNifty Technical Overview
As we approach the final week of September, the Indian stock markets have shown promising signs of growth. Both Nifty and BankNifty indices have surged, indicating strong upward momentum. Here’s a closer look at the technical forecasts and key stock picks for the day.
Nifty Index
In the past two trading sessions, Nifty has made notable gains, moving closer to the 26,000 mark. The index now targets the 26,400 level, with strong indicators suggesting continued upside potential. The immediate support level for Nifty stands at 25,600, which needs to hold to maintain the bullish trend. If Nifty sustains this support, further gains can be expected.
For today, key levels for Nifty are:
- Support: 25,800
- Resistance: 26,100
Sensex
Sensex has been steadily climbing, breaking through critical resistance levels. Sustaining above the 84,500 level, the index aims for a near-term target of 86,000. Sentiment remains strong, and with robust market conditions, Sensex could continue its upward trajectory. The critical support level is maintained near 82,500.
For today, Sensex’s key levels include:
- Support: 84,500
- Resistance: 85,500
BankNifty
BankNifty has breached the 54,000 level, signaling a bullish trend. The next target is set at 55,100, and the bias remains positive. Immediate support lies near 53,300, and as long as BankNifty holds this, further upward momentum can be expected.
Today’s trading range for BankNifty is:
- Support: 53,800
- Resistance: 54,600
Stock Ideas with Trend Reversal
Based on recent market trends, several stocks show potential for a trend reversal, which could lead to strong performance in the coming sessions. These include:
- Positive Stocks: Bajaj Auto, Balkrishna Industries, Bank of Baroda, Bank of India, BEL, BPCL, TVS Motor, ONGC, and Granules.
Conclusion
The Market Outlook for Today Indicates continued Bullish momentum, particularly for Nifty, Sensex, and BankNifty. Traders should watch the key support and resistance levels to navigate intraday volatility. Stocks like Bajaj Auto and ONGC are set to perform well based on the positive trend reversal signals.
Remember, while the technicals point to growth, markets can be unpredictable, and it’s essential to stay informed and manage risks accordingly.
Disclaimer: Investment in securities markets is subject to market risks. Please read all related documents carefully before investing.
