NIfty50 outlook for upcoming week 16-20th Sept 2024
#nifty50 Stellar Climb:
The Nifty index has reached a new all-time high weekly close of 25,356, surpassing its previous peak of 25,433. Despite a bearish engulfing candle last week, the Nifty managed to rebound, thanks to a strong performance in the US market. As predicted, the index remained within the anticipated range of 25,500 to 24,150.
Looking Ahead:
For the coming week, I expect the Nifty to remain within the range of 25,810 to 24,750. If the index can successfully break above the crucial Fibonacci level of 25,810, it could potentially test 25,965, although this may be challenging. However, below 24,750, the DEMA50 support level at 24,624 could act as a strong demand zone.
Global Market Outlook:
The S&P 500 rallied this week, driven by better-than-expected inflation data and expectations of interest rate cuts. The index closed at 5,626, just below the important Fibonacci level of 5,637. On a weekly timeframe, the S&P 500 is showing signs of forming a W pattern. If it can close above 5,637 for consecutive days, it could open the door to a significant uptrend, targeting 5,806, 5,900, and even 6,005. Such a move could propel the global market, including India's Nifty, towards new all-time high levels of 25,800 or 25,950.
However, if the S&P 500 falls below 5,535, there could be selling pressure, leading to potential support levels at 5,493, 5,390, and 5,270.
The Nifty index has reached a new all-time high weekly close of 25,356, surpassing its previous peak of 25,433. Despite a bearish engulfing candle last week, the Nifty managed to rebound, thanks to a strong performance in the US market. As predicted, the index remained within the anticipated range of 25,500 to 24,150.
Looking Ahead:
For the coming week, I expect the Nifty to remain within the range of 25,810 to 24,750. If the index can successfully break above the crucial Fibonacci level of 25,810, it could potentially test 25,965, although this may be challenging. However, below 24,750, the DEMA50 support level at 24,624 could act as a strong demand zone.
Global Market Outlook:
The S&P 500 rallied this week, driven by better-than-expected inflation data and expectations of interest rate cuts. The index closed at 5,626, just below the important Fibonacci level of 5,637. On a weekly timeframe, the S&P 500 is showing signs of forming a W pattern. If it can close above 5,637 for consecutive days, it could open the door to a significant uptrend, targeting 5,806, 5,900, and even 6,005. Such a move could propel the global market, including India's Nifty, towards new all-time high levels of 25,800 or 25,950.
However, if the S&P 500 falls below 5,535, there could be selling pressure, leading to potential support levels at 5,493, 5,390, and 5,270.
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