Nifty 50, Sensex today: What to expect from Indian stock market in trade on September 19 after global markets rally

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note on Friday despite upbeat global market cues.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25469 level, a discount of nearly 41 points from the Nifty futures’ previous close.

On Thursday, the equity market extended rally, with the benchmark Nifty 50 closing above 25,400 level.

The Sensex rose 320.25 points, or 0.39%, to close at 83,013.96, while the Nifty 50 settled 93.35 points, or 0.37%, higher at 25,423.60.

Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:

Sensex Prediction

Sensex saw a gap-up opening and witnessed some selling pressure at higher levels. However, the short-term outlook remains positive.

“For day traders, the higher bottom support is placed near 82,700. We are of the view that as long as trades above this level, the bullish sentiment is likely to continue. On the higher side, 83,300 would act as an immediate resistance zone for the bulls. A successful breakout above 83,300 could push Sensex up to 83,500 – 83,600,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

On the flip side, he added that if Sensex falls below 82,700, the uptrend would become vulnerable, and below this level, traders may prefer to exit their long positions.

Nifty 50 Prediction

Nifty 50 formed a small-bodied candle with a longer lower shadow on the daily chart, clearly indicating buying interest near support levels.

“A small red candle was formed at the highs on the daily chart with a long lower shadow. Technically this market action indicates a formation of bearish hanging man type candle pattern. A weakness below the low of the pattern at 25,330 could only confirm a bearish reversal pattern. If Nifty 50 manages to surpass the high of the pattern at 25,450 levels, then the market action could not only negate the bearish pattern, but also open more upside ahead,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the short-term uptrend of Nifty 50 remains positive, but the market is showing signs of a presence of strong overhead resistance around 25,500 levels.

“Hence, one may expect high volatility at the higher levels in the short term. The near-term higher resistance is placed at 25,700 and immediate support is placed at 25,300,” Shetti said.

Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd said that the Nifty 50 is forming a higher top and higher bottom pattern on the daily chart, which signals a positive trend.

“The overall technical setup remains strong, and the index now looks set to test the 25,650 level. Support has moved higher to around 25,300. Additionally, key momentum indicators and oscillators on the daily chart have shown bullish crossovers, reinforcing the positive outlook. Given the recent strong rally, a buy-on-dips approach is recommended,” Jain said.

Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities highlighted that the Nifty 50 index is currently trading above all major moving averages, and momentum indicators such as RSI and MACD are also pointing towards continued bullish strength. This confluence of signals reinforces the positive undertone in the market.

“Going ahead, we expect the Nifty 50 to test the levels of 25,600, followed by 25,750 in the short term. On the downside, the zone between 25,300 – 25,270 is likely to act as a crucial support area,” Shah said.

Bank Nifty Prediction

Bank Nifty index rallied 234.15 points, or 0.42%, to close at 55,727.45 on Thursday, forming a hanging man candle on the daily scale, reflecting uncertainty.

“On the higher side, the Bank Nifty index will face hurdle near the 56,000 – 56,160 zone, where major resistance is placed. Immediate support for the Bank Nifty is seen near 55,050, where the 34-DEMA is placed, followed by 54,500. Thus, traders are advised to buy-near-support and sell-near-resistance mentioned above,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd.

Bajaj Broking Research noted that the Bank Nifty has formed a high wave candle with a higher high and higher low signaling extension of the pullback for the 12th consecutive sessions.

“Bank Nifty index is seen sustaining above the short & medium-term moving averages. We expect the index to maintain positive bias and head higher towards 56,000 – 56,150 levels in the coming sessions being the 61.8% retracement of the entire decline (57,628 – 53,561). On the downside, immediate support is placed at 54,800 levels being the 20- and 100-days EMA,” said the brokerage house.

While key support for Bank Nifty is placed at 54,000 levels being the confluence of the last week low and key retracement of the current pullback, it added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.