The Indian stock market closed down on 19 September. After three consecutive days gains, investors began profit booking at high levels. IT, Auto and FMCG stocks saw the best selling. In addition, the US announced the withdrawal of exemption from restrictions to India for Iran’s Chabahar port.
The weekend is usually for rest. However, the news of the last two days has made investors sleep. From US President Donald Trump’s H-1B visa decisions to a possible impact on Indian IT companies, the new attack on India’s shrimp exports, Prime Minister Narendra Modi’s address to the nation, the first Navratri festival and the implementation of low GST rates, all these factors will affect the Nifty 50 and market business on Monday.
Experts will discuss how the Nifty will perform on Monday, September 22 and which levels will be important. But before that, let’s know what happened in the market on Friday. The Nifty’s sharp -ups were expecting to reach a higher level at the end of the weekend, but it did not happen on Friday. The nine -day lower level broke. The Nifty tried to break the 25,500 level, but eventually closed at 25,300.
IT shares eye
Monday’s market will depend on how Indian IT companies react to the Trump administration’s H-1B visa announcements. Infosys and Wipro shares listed in the US declined by 4% on Friday. Meanwhile, the White House has repeatedly clarified who will be under the new rules and who will be given exemption.
Consumer-facility share
The new GST rates will be applicable from Monday. This will focus on consumer-centric companies such as auto, FMCG and consumer durables. After this news, the auto shares continued to rise and most of the share are trading at a record level. It remains to be seen what the sales figures of this month indicate next week.
Update on shrimp shares
Indian shrimp shares will also be monitored. According to reports, American senators have introduced the India Shrimp Act to protect Louisiana’s shrimp and catfish industry from “cheap” Indian imports. Therefore, Avanti feeds, Apex frozen and waterbased shares will be monitored.
Nifty, Bank Nifty Status
The level of 25,500 remains the main resistance for the Nifty. With the fall, levels of 25,250 and 25,200 can serve as support.
Meanwhile, the Nifty Bank broke the trend and closed below the 55,500 level after a steady of 12 days. It has now become the first important level to cross. Further growth is expected to reach 55,700 and eventually 56,000.
Expert opinion on Nifty
According to Rajesh Bhosle of Angel One, the setup of the Nifty is still positive. Any decline or slight stability should be considered good for the next speed.
He said that 25,200-25,100 area is the main support. At the top, the level of 25,450–25,500 will serve as a significant resistance. Subsequently, June’s swing high comes 25,670. According to Bhosle, “Due to the proximity to overbot conditions and major resistance, there is a possibility of short -term consolidation, but the trend will remain positive.”
According to Ajit Mishra of Railways Broking, “The index is approaching its trendline resistance area at 25,500. If it breaks firmly, the way to 25,750 may open up to 25,750. At the bottom, 24,900-25,150 will provide strong support for profits.”