Stock Market Overview
Current Market Status: On this trading day, India’s benchmark indices showed modest gains. The Sensex closed at 83,079.66 points, reflecting an increase of 90.88 points or 0.11 percent. Similarly, the Nifty 50 index ended at 25,418.55 points, gaining 34.80 points or 0.14 percent. Out of the listed companies, a total of 1,713 entities rose, 2,236 declined, and 109 remained unchanged.
Sectoral Performance
Analyzing the sectoral indices, we noted that the Nifty Realty sector demonstrated resilience, witnessing a gain of 0.6 percent. Following closely, the Nifty Consumer Durables and Nifty Auto sectors saw increases of 0.5 percent and 0.3 percent, respectively. Conversely, the Nifty Media sector reported the largest decline, falling by 1.2 percent, while the Nifty PSU and Nifty Metal sectors decreased by 0.6 percent and 0.4 percent, respectively.
Market Predictions for September 18
Experts remain attentive to upcoming changes and trends. Vinod Nair from Geojit Financial Services attributes the bullish activity in the Indian market to expectations surrounding potential interest rate cuts by the U.S. Federal Reserve. While the market has generally absorbed the recent 25-basis point cut, the focus remains on the Fed’s future monetary policy moves. The consistent influx of institutional investments has also fortified the domestic market, contributing to a positive sentiment overall.
Rupak Dey of LKP Securities notes that the Nifty index continues to consolidate near its historical peak. A crucial trendline resistance is currently observed, and experts believe a breakout from this range could set a definitive direction for Nifty. The immediate support level for Nifty is identified at 25,350. A decline below this threshold could lead to a significant sell-off, possibly dragging Nifty down to 25,000. Conversely, breaking the resistance at around 25,500 may trigger a robust bullish rally.
Further Insights
Shrikant Chouhan from Kotak Securities reported that today’s trading exhibited limited fluctuations, with the benchmark index registering modest gains. Nifty closed 34 points higher, and Sensex gained approximately 105 points, reflecting positive intraday consolidation. For trend-following traders, critical support levels are established at 25,350 / 82,900 for Nifty, and 25,300 / 82,700 for Sensex. As long as trading stays above these levels, a continuation of the bullish trend appears likely. On the upper spectrum, Nifty could potentially climb to 25,550-25,650 / 83,400-83,800. If it falls below 25,300 / 82,700, we might witness a shift in sentiment, possibly correcting Nifty to 25,225-25,200 / 82,400-82,200.
Conclusion
The current sentiment in the Indian stock market remains cautiously optimistic, driven by both domestic investments and global cues. Adhering to key support and resistance levels could provide traders with valuable insights on potential market movements in the coming days. As always, investors are encouraged to proceed with due diligence and consult with certified financial experts before making investment decisions.
