Nifty 50 September Futures (19,678)

Nifty 50 and Sensex are attempting to bounce after a sharp fall on Thursday. Both the indices are up about 0.4 per cent each. Sensex is trading at 65,740, while Nifty is at 19,600.

Nifty managing to hold above 19,500 is a sign of relief. However, the index has to rise past 19,800 decisively in order to ease the downside pressure. Only in that case, the danger of any further fall will get reduced and the possibility of the Nifty rising back to 20,000 levels will come in to the picture. We will have to wait and watch the price action today.

Global indices

In Asia, barring Nikkei 225 (31,788, down 0.26 per cent), other major indices are in green. Hang Seng (17,843) has surged today and is up 2.7 per cent. Kospi (2,465) and Shanghai Composite (3,110) are up 0.1 per cent each.

Also read: Bank Nifty prediction today – Sept 29, 2023: Index might not trend today 

In the US, the Dow Jones Industrial Average (33,666) has risen well on Thursday. The support at 33,300 is holding well for now. A strong follow-through rise from here will reduce the downside pressure and can take the Dow Jones up to 33,800-34,000 in the coming days.

Nifty 50 Futures

The Nifty 50 October Futures (19,678) is up 0.2 per cent. But strong resistance is in the 19,700-19,720 region. The contract will have to breach 19,720 to gain bullish momentum and rise to 19,760-19,800 during the day.

Failure to rise past 19,720 can drag the contract down to 19,600 and even lower going forward.

Trade Strategy

Consider the upcoming resistance on the charts and the risk-reward ratio, we suggest traders to stay out of the market today. See how the market closes for the week today and then trades can be taken accordingly next week.

Supports: 19,630, 19,500

Resistances: 19,720, 19,800