Summary:
Nifty prediction for September 29: Nifty 50 closed at 22,780.25 after falling 1.56% on September 28. With the index below 23,000 and momentum indicators weak, traders will track 22,700 support and 23,000–23,120 resistance during Tuesday's session.
Nifty prediction today, September 29: Nifty 50 closed at 22,780.25 on Monday, September 28, down 360.25 points or 1.56%, after breaking below the 23,000 level. The Nifty 50 index remains under technical pressure, with 22,700 emerging as an immediate support zone and 23,000–23,120 acting as the first resistance area.
After opening at 23,064.90, Nifty failed to sustain higher levels and gradually moved lower to hit an intraday low of 22,762.20. Selling pressure was visible across multiple sectors, with PSU Bank, Realty and Energy stocks among the major laggards.
Nifty 50 Prediction Today: Key Levels for September 29
| Technical Level | Nifty Zone |
|---|---|
| Previous Close | 22,780.25 |
| Immediate Support | 22,700–22,760 |
| Next Support | 22,500–22,400 |
| Major Support | Around 22,222 |
| Immediate Resistance | 23,000 |
| Key Resistance | 23,120 |
| Higher Resistance | 23,200–23,450 |
Nifty 50 Performance on September 28
- Open: 23,064.90
- High: ~23,080
- Low: 22,762.20
- Close: 22,780.25
- Fall: 360.25 points / 1.56%
Nifty Prediction for Sep 28: Recovery Attempt Underway, 23,300–23,450 Remains a Key Hurdle
Market Breadth Shows Strong Selling Pressure
The market breadth reflected the weakness in the broader market, with only 3 stocks ending higher while 47 constituents of the Nifty 50 closed in the red. Sectoral indices such as Nifty PSU Bank, CNX Realty and CNX Energy witnessed notable declines, indicating that selling was not restricted to a few pockets but spread across various segments.
The sharp deterioration in breadth along with the breakdown of key support zones suggests that buyers remained cautious and failed to provide meaningful support during the session.
Nifty Technical Structure Weakens After Breakdown Below 23,000
The technical setup turned weaker after Nifty breached the 23,120 support zone and slipped below the crucial psychological level of 23,000. The index closed below its key moving averages, indicating continued pressure on the short-term trend.
On the daily chart, the 23,199–23,447 range is now emerging as a significant resistance zone, where selling pressure may continue if the index attempts a recovery. The hourly and 15-minute charts also remain weak, with Nifty trading below major exponential moving averages, highlighting sustained bearish momentum.
The next important support visible on the daily chart is placed near the 22,222 level.
RSI Signals Oversold Conditions, But Trend Remains Weak
Momentum indicators continue to reflect strong selling pressure. The daily RSI has declined to 27.69, while the hourly RSI stands at 23.27 and the 15-minute RSI is around 31.60.
Although these readings indicate oversold conditions across multiple timeframes, a reversal signal is yet to emerge. Oversold indicators can remain under pressure during strong downtrends, and the price structure remains weak until Nifty manages to reclaim key resistance levels.
Nifty Levels to Monitor
For the upcoming session, the 22,760–22,780 zone will remain the immediate support area. A sustained break below this range could open the possibility of further downside towards the next major support near 22,222.
On the upside, the 23,000–23,120 zone will act as the first hurdle after the recent breakdown. Beyond this, the 23,200–23,450 range, where key moving averages are placed, will remain an important resistance zone.
A sustained move above 23,120 would indicate some improvement in the short-term structure. Until then, the trend remains under pressure with sellers retaining control.
