Nifty-Sensex Today: How will the Indian stock market move on September 17?

Nifty-Sensex Today: In light of conflicting global indications, the key Indian stock market indexes, the Sensex and Nifty 50, are probably going to open cautiously on Tuesday.

The Indian benchmark index is off to a good start, based on Gift Nifty’s movements. The Gift Nifty was trading at a premium of around thirty points above the previous closing of the Nifty futures, at 25,470.

The domestic share market reached new record highs on Monday and finished with slight gains.

The Nifty 50 closed 27.25 points, or 0.11%, higher at 25,383.75, while the Sensex gained 97.84 points to conclude at 82,988.78.

On the daily chart, Nifty 50 produced a little negative candle, matching the pattern it had made in the previous two sessions.

Technically, range swings after strong upward movements may finally lead to a pattern of uptrend continuance. The market’s fundamental upward tendency is still in place. In the near future, Nifty may surpass the range movement at 25,450 and advance toward the next obstacle at 25,800, according to HDFC Securities Senior Technical Research Analyst Nagaraj Shetti.

What to anticipate from Bank Nifty and Nifty 50 today is as follows

Nifty 50 Forecast

On September 16, the Nifty 50 resumed its trend of consolidation for the second straight session. It ended the day with little gains of 27 points, having reached a new all-time high at 25,445 levels.

“There has been no shift in configuration from the previous day, according to the technical chart. Though there isn’t much room for growth in the near future, the trend is still quite strong. According to Rupak De, Senior Technical Analyst at LKP Securities, “key support levels are still in place between 25,150 and 25,200, while resistance is positioned around 25,460 and 25,500.”

He said that a clear break out of the present range might start a directional move.

According to Hedged.in Vice President Praveen Dwarakanath, the Nifty 50 has stabilized between 25,300–25,400 levels after a robust gain on Thursday thanks to FII purchases. There are indications of bullishness in the momentum indicators. This bullishness is seen on the weekly chart where the RSI line has crossed above the RSI average line. Increased put writing is shown in option writer data for the expiration this week and the expiry at the end of September, showing bullishness and supporting the aforementioned remark, according to Dwarakanath.

The Head of Derivatives and Technical at Sanctum Wealth, Aditya Agarwal, observed that the Nifty 50 kept settling within a small zone for the second day in a row.

“On the upper side, aggressive call writing has been seen at the 25,500 strike option. The index will utilize that level of movement as an instantaneous and powerful resistance zone, and traders will exploit it to book profits when trading long positions. The index’s general short-term structure is still optimistic, and a decline towards 25,280 or 24,160 may provide a buying opportunity, according to Agarwal.

Forecast for the Bank Nifty

On Monday, the Bank Nifty index formed a bullish candlestick pattern on the daily charts, closing 215 points higher at 52,153.

“Bank Nifty is showing signs of bullishness as it has begun to move along the upper Bollinger band. As the barrier above 52,000 has been overcome, all momentum indicators on the daily chart point to a rise over the 52,000 mark. 52,700 and 53,500 are the next immediate levels on the upward in the Bank Nifty to keep an eye on. According to Praveen Dwarakanath, “the option writer’s data for the current week’s expiry shows short covering in ITM calls and selling in ATM puts, indicating bullishness to continue.”

The short-term structure is still solid, and Aditya Agarwal predicts that the Bank Nifty will hit 52,480/52,800. The index will find support on the bottom side around 51,920/51,800 levels, and any decline towards those levels may be leveraged to create new long positions.