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MARKET VIEW
September 27, 2024
The Nifty 50 saw some consolidation and ended a six-day winning streak after hitting record highs, closing with modest losses on September 27. Despite this pause, the index still recorded solid weekly gains and a new closing high. The overall market trend remains positive for bulls, and Nifty could rise towards 26,500 in the coming days, as long as it stays above 26,000. However, if it drops below 26,000, market sentiment might turn slightly negative. Nifty opened higher, reaching a new intraday high of 26,277, but became volatile in the second half, losing all its morning gains and closing 37 points lower at 26,179. A small bearish candlestick pattern was formed on the daily charts. The market outlook is still bullish, but a "buy on dips and sell on rallies" strategy could work best for short-term traders. Key support levels are 26,100 and 26,000.
The Bank Nifty formed a bearish candlestick pattern on the daily chart, falling below the 5-day Exponential Moving Average (EMA) and closing 541 points lower at 53,834, driven by profit booking after a sharp rally of nearly 3,800 points over the last fourteen sessions. On the weekly chart, it formed a small-bodied candle with a long upper shadow, indicating selling pressure at higher levels. Despite only gaining 41 points for the week, the pattern of higher highs and higher lows has remained intact for two weeks, signalling a bullish outlook. The index needs to stay above 53,750 for a move toward 54,250 and 54,450, with support at 53,500 and 53,350.
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