Indian equity markets are set for another closely watched trading session on Monday, September 21, with investors tracking global cues, crude oil prices, foreign fund flows and key technical levels. The Nifty 50 ended the previous session at 23,346.40, gaining 75.80 points, while the Sensex slipped 20 points to 74,294.96.
GIFT Nifty Signals Cautious Start
GIFT Nifty was trading around 23,341 in early Monday trade, pointing towards a largely flat to mildly negative opening for domestic benchmark indices. However, gains across several Asian markets and softer crude prices could provide some support to Indian equities.
Investors are also monitoring developments in the Middle East, US monetary policy and global bond yields, all of which could influence market sentiment during the session.
Nifty Technical Levels
According to market analysts cited by Moneycontrol, the Nifty faces immediate resistance around 23,380, followed by 23,404 and 23,443. On the downside, support levels are placed near 23,302, 23,277 and 23,238. A broader support zone around 23,200 and 23,000 is also being closely watched.
The index remains below several key moving averages, although momentum indicators have shown some signs of improvement. This leaves the market in a phase where traders may continue to watch for confirmation before taking significant positions.
Bank Nifty in Focus
Bank Nifty closed at 56,359 on Friday. Its immediate resistance levels are around 56,472, 56,572 and 56,734, while support is seen near 56,148, 56,048 and 55,886.
The banking index has shown some recovery but continues to trade below important moving averages, keeping technical conditions mixed.
Crude Oil and Global Markets
Crude oil remains a major market trigger. Brent crude declined towards $101 per barrel, while WTI slipped below $100 as traders assessed prospects for increased supplies from Saudi Arabia. However, geopolitical tensions remain a source of uncertainty.
Asian markets were mostly higher, while US markets ended mixed. The Nasdaq gained 0.40% and the S&P 500 rose 0.17%, while the Dow Jones declined 0.18% in the previous session.
FII and DII Activity
Foreign institutional investors turned buyers on September 18 after seven consecutive sessions of selling, purchasing Indian equities worth around ₹599 crore. Domestic institutional investors also remained buyers, investing more than ₹1,000 crore.
With global uncertainty still elevated, traders are likely to watch institutional flows, oil prices and Nifty’s reaction around key technical levels throughout Monday’s session.
