NIFTY PREDICTION FOR NEXT WEEK 26 SEP-30 SEP 2022

THE NIFTY HAS TURNED NEGATIVE FOR 2022 FOLLOWING FRIDAY'S 300-POINT DROP
Today Nifty has been bouncing between highs and lows and is now back where it was at the end of calendar year 2021. When Nifty slid below its 50-DMA, or daily moving average, to close at 17,327.35 points on Friday, it is now 26.65 points below the December 31 closing level of 17,354. Sensex, which ended near the 58,100 level, also erased all gains made this year as the Federal Reserve is set to maintain its aggressive stance at its next monetary policy review. The only index to end in the green during the day was the fear indicator India VIX, which surged over 9%. PSU banks, real estate, financial services and media stocks were among the hardest hit during the sell-off. After hitting an all-time high of 18,604.45 on October 19 last year, Nifty hit a 52-week low of 15,183.40 on June 17.On a yearly basis,the Indian market has proven to be much more resilient than other global markets or even Asia/EM. Global growth engines are in a slowdown mode amid aggressive central bank monetary policies, while India is currently in a better position as credit growth picks up and tax collection picks up. The current volatility could continue for a while. Investors are advised to wait and watch until the dust settles.

The Bank Nifty witnessed extreme selling pressure from higher levels last week following the key US Federal Reserve event. The index broke the crucial 40,000 support and closed below it, confirming the breakdown and activating sell-on-rise mode. Index remains in sell-on-rise mode with hurdles at 40,500 and next support seen at 39,000. The current volatility could continue for a while. Investors are advised to wait and watch until the dust settles. After showing resilience to global equity weakness, Nifty has fallen over the past three sessions. Nifty fell sharply (down 1.16%) for the second straight week, breaking several key technical levels in the process. 17166 is the next support for the Nifty post, which could be followed by a stronger decline. 17490 could be resistance for the Nifty in the near term.
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