Nifty and Bank Nifty Forecast for the week of 23.09.24 to 27.09.24 by BL GURU

The rise to 25,800 in #Nifty and 54,000 in #NiftyBank index last week was as per our expectation.

The US Federal Reserve #usfed cut its key interest rate by 50 basis points last week. The central bank is keeping open the possibility of a further interest rate cut of 50 basis points for the rest of the year. This could have a positive effect on the stock markets for some time.

On the charts, the #Nifty and #NiftyBank indices look bullish. However, intermediate resistances are emerging that may interrupt the uptrend for some time.

#Nifty has #resistance at around 25,950. If this holds, we can see a corrective decline to 25,600-25,500. After that, the uptrend may resume. A break above 25,950 can take #Nifty up to 26,200.

#NiftyBankindex has resistance at 54,600. From there, a corrective decline to 53,000-52,800 is possible. After this corrective decline, #NiftyBank index can rise to 55,500 and 55,700.

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