Trade Setup For Sept. 13: Nifty Projected To Climb To 25,500

The NSE Nifty 50 is expected to remain strong as the current market texture is bullish, according to analysts. On the upside, the rally could potentially continue toward the 25,470–25,500 range, while support is seen at 25,100, according to Rupak De, senior technical analyst at LKP Securities.

But buying on intraday correction and selling on rallies would be the ideal strategy for day traders, according to Shrikant Chouhan, head of equity research at Kotak Securities.

"For the day traders now, 25,300/82,700 and 25,200/82,500 would act as a key support zone, while 25,500–25,600/83,300–83,600 would be the key resistance areas for the bulls. However, below 25,200/82,500 uptrend would be vulnerable," he said.

“On the daily chart, the index (Nifty 50) has made a strong bullish candle, which defines the tight grip of bulls and now the next hurdle is placed at 25,670, while on the downside, 25,250 will be considered as support," Aditya Gaggar, director of Progressive Share Brokers Pvt., said.

Looking ahead, we maintain our recommendation to capitalise on this bounce by booking profits and increasing cash allocations, as suggested by Kush Bohra, the founder of KushBohra.com.

"With key global events on the horizon, investors should remain vigilant for potential volatility swings, similar to those witnessed last Friday and yesterday. The current momentum may propel Nifty towards 25,700, but prudent risk management is essential," he said.

The GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 17 or 0.07% at 25,388.5 as of 07:07 a.m.

The Nifty September futures were up 1.61% to 25,339 at a discount of 50 points, with open interest up by 11.37%.

The Nifty Bank August futures were up by 1.16% to 51,715 at a discount of 56 points, while its open interest was down by 10.4%.

The open interest distribution for the Nifty 50 Sept. 12 expiry series indicated most activity at 26,000 call strikes, with 24,500 put strikes having maximum open interest.

For the Bank Nifty options expiry on Sept. 18, the maximum call open interest was at 54,000 and the maximum put open interest was at 49,000.

Foreign portfolio investors recorded the second-highest single-day buying of Indian equities so far in 2024 on Thursday.

The investors mopped up stocks worth Rs 7,695 crore, and domestic institutional investors turned net sellers after a day of buying and offloading equities worth Rs 1,800.5 crore, the NSE data showed.