Summary:
Nifty prediction for September 24 focuses on 23,400-23,415 as immediate support and 23,572 as key resistance after the Nifty 50 closed at 23,446.80. Improving breadth and intraday RSI support the recovery, while the daily trend still requires confirmation above resistance.
The Nifty 50 extended its recovery on Wednesday, September 23, gaining 117.80 points, or 0.50%, to close at 23,446.80. The index began the session at 23,352.15 and gradually strengthened during the day, touching an intraday high of 23,466.90. Buying across Metal, FMCG, PSU Bank and Realty stocks supported the move and helped Nifty reclaim the important 23,400 mark.
Broader Participation Supports the Recovery
Market breadth remained favourable, with 35 Nifty 50 constituents closing higher compared with 14 stocks ending in the red. Metal, FMCG, PSU Bank and Realty were among the better-performing sectors, indicating that the recovery had support from multiple pockets of the market.
However, weakness in IT stocks continued to restrict the pace of the broader advance. Despite this, the improvement in market breadth suggests that buying participation was relatively broad during Wednesday’s session.
Nifty Holds Above Short-Term Technical Levels
On the daily timeframe, Nifty has rebounded from the key support area near 23,120 and has once again moved above 23,400. The index is currently positioned around its short-term EMA cluster, making the 23,400-23,415 area an important zone to monitor in the near term.
The hourly and 15-minute charts also show Nifty trading above important EMA levels, reflecting an improvement in short-term price momentum. On the upside, 23,572 remains the immediate resistance. A decisive and sustained move beyond this level may open the door for a further extension of the ongoing recovery.
RSI Signals Strength on Intraday Charts
Momentum readings have turned more constructive on the shorter timeframes. The daily RSI stands at 40.11 and remains below the neutral 50 level, although it has recovered from its recent lows.
In comparison, the hourly RSI is placed at 57.21, while the 15-minute RSI stands near 57.03. Both readings indicate improving momentum in the short term.
The difference between the daily and intraday RSI readings suggests that the current rebound is gaining traction, but the broader trend still requires confirmation through a sustained move above the immediate resistance zone.
Nifty Support and Resistance Levels for September 24
For Thursday’s session, the 23,400-23,415 range is likely to act as the first support area. If the index slips below this zone, attention could shift towards the stronger support placed near 23,120.
On the higher side, 23,572 remains the key level to watch. A sustained breakout above this resistance may strengthen bullish momentum and bring higher levels into focus. Conversely, an inability to hold above 23,400 could keep the index in a consolidation phase and increase the possibility of another test of lower support levels.
