Nifty 50, Sensex today: What to expect from Indian stock market in trade on September 22 amid H1B visa fee hike, GST 2.0

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Monday, following the new H-1B visa fees hike by the US President Donald Trump, and worries over its impact on the Indian IT companies.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,320 level, a discount of nearly 91 points from the Nifty futures’ previous close.

On Friday, the equity market indices ended lower on profit booking, with the benchmark Nifty 50 closing below 25,400 level.

The Sensex dropped 387.73 points, or 0.47%, to close at 82,626.23, while the Nifty 50 settled 96.55 points, or 0.38%, lower at 25,327.05.

“We are of the view that the short-term market outlook remains bullish, but due to temporary overbought conditions, range-bound activity may occur in the near future. Hence, buying on dips and selling on rallies would be the ideal strategy for traders,” said Amol Athawale, VP Technical Research, Kotak Securities.

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

Sensex Prediction

Sensex has formed a bullish candle on weekly charts, and is holding an uptrend continuation formation on daily charts, which is largely positive.

“On the technical front, the support zone between 82,300 – 82,200 will be crucial to watch. A sustained hold above this range will be essential to maintain the bullish structure. On the upside, the resistance zone of 83,100 – 83,200 will act as a key hurdle. A decisive breakout above 83,200 could pave the way for a fresh round of upside momentum, potentially propelling Sensex toward 84,000, followed by 84,600 level in the short term,” said Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities.

According to Mayank Jain, Market Analyst, Share.Market, the immediate resistance for Sensex is placed in the 83,000 to 83,200 zone, and a decisive breakout above this level could propel the index towards the 83,500 mark. On the downside, crucial support is seen in the 82,400 to 82,500 range, and a breach of this support could see the index testing the 82,000 level.

Nifty 50 Prediction

Nifty 50 formed a double-bottom pattern on the daily timeframe, demonstrating resilience and sustainability above key support levels, reinforcing the prevailing bullish sentiment. For the week, Nifty 50 gained 0.85%, forming a cup and handle pattern on the weekly chart.

“A reasonable negative candle was formed on the daily chart on Friday, after the formation of the Hanging man type candle pattern of Thursday. Technically, this market action indicates a formation of short-term top reversal pattern. A larger degree bullish pattern like higher tops and bottoms is intact on the daily chart and further weakness from here could form a new higher bottom of the pattern. Nifty on the weekly chart formed a long bull candle this week which is for the third consecutive session,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the near-term uptrend of Nifty 50 remains intact, and further consolidation or minor dip could be a buying opportunity by next week. Immediate support is placed at 25,150 and a sustainable move above 25,500 could pull Nifty 50 towards the next hurdle of 25,700 levels.

Mayank Jain said that the technical setup of the Nifty 50 remains positive, as it is trading above its key 20, 50, and 200-day moving averages.

“The immediate resistance for the Nifty 50 is seen in the 25,500 to 25,600 range. A sustained move above this pocket could open the door for a rally towards 25,750. On the flip side, near-term support is pegged at 25,250 to 25,300. If the index slips below this, the next significant support level to watch for would be around 25,000 to 25,100,” said Jain.

Bank Nifty Prediction

Bank Nifty index declined 268.60 points, or 0.48%, to close at 55,458.85 on Friday, forming a hanging man candle on the daily chart. For the week, the index rallied 1.19%, forming a bullish candle on the weekly chart, suggesting mixed signals.

“Bank Nifty index slipped below the 100-SMA placed at 55,700, indicating hesitation near the falling trendline. However, the index holds comfortably above the 9-EMA and the 20-EMA, reflecting strength in the short-term setup. The 23.6% Fibonacci retracement level at 55,250 followed by 55,000 serves as an important short-term support,” said Om Mehra, Technical Research Analyst, SAMCO Securities.

The RSI has eased to 57 after approaching overbought territory, while the MACD remains positively skewed. The index is also hovering close to the upper Bollinger band, which will act as an immediate resistance in the sessions ahead, he added.

“The primary trend remains bullish, and a minor pullback would be considered healthy after the successive rise. Unless Nifty Bank closes below 55,800 decisively, the index is likely to consolidate,” said Mehra.

Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd. noted that the Bank Nifty will face resistance near the 56,000 – 56,160 zone, where major hurdles are placed, and immediate support is seen near 55,070, where the 34-DEMA is placed, followed by 54,500.

“Thus, traders are advised to follow a buy-near-support and sell-near-resistance approach in Bank Nifty,” said Yedve.

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.