Nifty 50 Analysis for September 29, 2023

 

Nifty 50 Analysis for September 29, 2023

The Nifty 50, the benchmark index of the National Stock Exchange of India, has been the subject of much discussion and analysis in the past week. Here’s a comprehensive look at the performance and outlook for the week of September 25 to September 29, 2023.

Performance Overview

The Nifty 50 closed the previous week on a negative note, losing 2.66%. The immediate support for the Nifty 50 share price was seen at 19,489.38, and the immediate resistance was at 20,027.23. If the Nifty 50 share price were to close below the immediate support of 19,489.38, a sharp breakdown could be expected.

Key Levels



The major support for the Nifty 50 share price for the week was at 19,304.50. On the positive side, if the Nifty 50 share price were to close above the immediate resistance of 20,027.20, a sharp breakout could be expected. The major resistance for the Nifty 50 share price for the week was seen at 20,380.20.

The trading range for the Nifty 50 share price for this week was expected to be between 18,951.50 on the downside and 20,565.05 on the upside. The previous week’s high for the Nifty 50 was 20,195.35, and the low was 19,657.5.

Conclusion

The Nifty 50’s performance during the week of September 25 to September 29, 2023, was marked by volatility and a downward trend. However, key support and resistance levels provided potential opportunities for traders. As always, market participants were advised to keep a close eye on these levels and trade with caution.

Please note that this analysis is based on past performance and current market conditions. Future performance can be influenced by a variety of factors, including changes in market conditions and economic indicators.

Stay tuned for more updates and happy trading.

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