Trade Setup For Sept. 1: Nifty Immediate Support At 24,400–24,350
The NSE Nifty 50 ended 0.3% lower at 24,426.85 and the BSE Sensex closed 0.34% down at 79,809.6 on Friday.
The NSE Nifty 50 has formed a bearish candle with a long upper shadow, maintaining lower highs and lower lows, signalling continuation of the corrective decline, according to analysts.
"The bias remains down, and only a formation of a higher high and a higher low in the daily chart will signal a pause in the current downtrend," stated Bajaj Broking Research on Friday.
The Nifty has its immediate support base placed at 24,400-24,350 levels being the confluence of the recent lows and the key retracement area, indicated the firm. The index holding above the same will lead to a consolidation in the range of 24,400-24,900, the brokerage added.
Failure to do so will signal acceleration of decline towards 24,000-23,800 levels being the confluence of the 52 weeks EMA and the previous major lows and the previous major breakout area, said Bajaj Broking Research.
The Bank Nifty formed a doji candle with a long upper shadow and a lower high and lower low, signaling continuation of the corrective decline, as per analysts.
"The bias remains down and only a formation of higher high and higher low in daily charts will signal a pause in the current downtrend," says Bajaj Broking. Bank Nifty has immediate support at 53,200-53,500. The Bank Nifty holding above the same will lead to consolidation in the range of 53,200-54,500, the firm adds.
Support is placed at 53,500-53200 levels being the confluence of the 200 days EMA and the low of May 2025, the brokerage further mentions.
Market Recap
The NSE Nifty 50 ended 74.05 points or 0.3% lower at 24,426.85 and the BSE Sensex closed 270.92 points or 0.34% down at 79,809.6 on Friday.
Currency Update
The Indian rupee closed 61 paise weaker at 88.19 a dollar on Friday.
