5 hrs ago
Sensex, Nifty Recover as Analysts Set Thursday Trading Levels
Indian shares rose on Wednesday as investors felt more hopeful.
Lower oil prices helped improve market sentiment.
Reports of diplomatic talks involving Iran also supported the rise.
The Nifty 50 and Sensex both gained, with metals and some financial companies performing well.
Technology shares did not perform as strongly.
Analysts say the Nifty may continue recovering if it moves above 23,500.
They are watching 23,600 as a difficult level for the index to cross.
If the Nifty falls below 23,300, it could decline toward 23,000–23,100.
Investors may remain cautious because foreign investors are still selling and geopolitical uncertainty continues.
The Nifty 50 rose 0.50% to 23,446, while the Sensex gained 0.40% to 74,828 on Wednesday, September 23.
Falling crude prices and reported diplomatic progress toward ending the Iran conflict supported investor sentiment.
Metals and selected financial stocks advanced, while technology stocks weakened and Nifty IT was the only declining sectoral index.
Analysts identified 23,600 as a key Nifty resistance level and 23,300 as important support for Thursday’s session.
A sustained Nifty close above 23,500 could target 23,600–23,700, while a break below 23,300 could lead toward 23,000–23,100.
- Who
- Indian stock-market investors, along with analysts Ajit Mishra, Vipin Kumar, and Hariselvan Radhakrishnan.
- What
- The Sensex and Nifty extended their recovery, while analysts outlined key support and resistance levels for Thursday.
- Where
- Indian stock exchanges, with global market and commodity developments influencing sentiment.
- When
- Wednesday, September 23, with the outlook focused on Thursday’s trading session.
- Why
- Falling crude prices, stronger metals and financial stocks, and reported diplomatic efforts involving Iran supported the market, although foreign-investor outflows and geopolitical uncertainty remained concerns.
Bullish Case
Cautious or Bearish Case
Near-term Nifty direction
Bullish Case
A sustained close above 23,500 could extend the rebound toward 23,600–23,700.
Cautious or Bearish Case
A rejection from the 23,500–23,600 zone could keep the index range-bound.
Downside risk
Bullish Case
Improving sentiment from lower crude prices and gains in metals and financial stocks could support the recovery.
Cautious or Bearish Case
A decisive fall below 23,300 could drag the Nifty toward 23,000–23,100.
Market strategy
Bullish Case
The rebound may continue if banking stocks and other heavyweights provide support.
Cautious or Bearish Case
Analysts recommend caution because of mixed heavyweight performance, persistent FII outflows, and geopolitical uncertainty.
Key facts
- Nifty 50 close
- 23,446, up 0.50%
- Sensex close
- 74,828, up 0.40%
- Leading sectors
- Metals and selected financial stocks
- Weak sector
- Nifty IT, pressured by demand and earnings concerns
- Key resistance
- Nifty resistance is identified around 23,500–23,600, with 23,600 described as a key hurdle
- Key support
- A break below 23,300 could expose the 23,000–23,100 zone
- Brent crude
- Down 0.6% at $98.68 per barrel
Quotes
Hariselvan Radhakrishnan
Founder and CEO of HST Wealth
“A sustained close above 23,500 could extend the rebound towards 23,600–23,700, while another rejection from this zone would reinforce the prevailing trading range.”
livemint.com
“Meanwhile, a selective and hedged approach remains preferable amid persistent FII outflows and ongoing geopolitical uncertainty.”
livemint.com
Sources
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