Trade Setup For Sept 11: Nifty Faces Resistance At 25,100, Support At 24,900

Market sentiments are likely to remain weak in the near term unless NSE Nifty 50 manages to close above 25,100, according to analysts. "On the lower side, support is seen at 24,900; if breached, the index may decline further towards 24,750," said Rupak De, senior technical analyst at LKP Securities.

The market has completed one leg of the pullback rally, and now (for Nifty/Sensex) 25,000/81,800 would be the crucial support for traders, said Shrikant Chouhan, head equity research at Kotak Securities. "Above 25,000 and 81,800, the Nifty and the Sensex could bounce back to 25,150-25,175 and 82,200-82,500, respectively."

"However, below 25,000/81,800, the indices could retest the level of 24,900/81,500. Further downside may also continue, which could drag the index to 24,850/81,300," he said.

The index has tested the higher end of the resistance zone, i.e., 25,100; a firm close above the same is a must to confirm a trend continuation, said Aditya Gaggar, director of Progressive Share Brokers Pvt. "On the downside, a level of 24,850 will act as immediate support."

The GIFT Nifty, an early indicator of the Nifty 50’s performance in India, was down 6.5 points, or 0.03% at 25,107 as of 06:24 a.m.

Nifty September futures rose by 0.45% to 25,083 at a premium of 41.9 points, while open interest fell by 3.1%.

Nifty Bank September futures rose by 0.19% to 51,371.2 at a premium of 98.9 points, while futures open interest fell by 0.65%.

The open interest distribution for the Nifty 50 Sept. 12 expiry series indicated most activity at 26,000 call strikes, with 24,600 put strikes having maximum open interest.

For the Bank Nifty options expiry on Sept. 11, the maximum call open interest was at 59,000 and the maximum put open interest was at 51,000.

Overseas investors remained net buyers of Indian equities on Tuesday for the second consecutive day.

Foreign portfolio investors mopped up equities worth Rs 2,208.2 crore, while domestic institutional investors turned net sellers after six sessions and offloaded equities worth Rs 275.4 crore, the NSE data showed.

The benchmark stock indices extended their rally to close higher for the second session in a row on Tuesday, led by gains in the IT sector.

The NSE Nifty 50 closed 104.70 points, or 0.42% higher, at 25,041.10, while the S&P BSE Sensex ended higher by 361.75 points, or 0.44%, at 81,921.29.

• Tata Motors Finance: CCI approves proposed merger of Tata Motors Finance with Tata Capital.

• Hindustan Zinc: The company partners with Skipper for India’s heaviest transmission steel pole structure, weighing around 200 metric tons.

• Reliance Industries: Reliance Retail Ventures, Delta Galil sign pact for JV in India Delta Galil to establish apparel innovation platform focused on Indian market via joint venture with Reliance Retail.

• Jubilant Pharmova: US FDA classifies the company’s Washington facility as 'Voluntary Action Indicated'

• Ashoka Buildcon: The company has entered into an agreement for transfer of its entire 90% stake held in ABL Indira Projects JV LLP for a total amount of Rs 5.44 crore to Indira Projects & Development (Tamil Nadu) Pvt. Ltd.

• Happiest Mind Technologies: The company has received a certified true copy of the First Motion Order from the NCLT, Bengaluru bench, regarding the Scheme of Amalgamation with Sri Mookambika Infosolutions Private Ltd.

• IREDA: IREDA Global Green Energy Finance IFSC Ltd. has received provisional registration from the International Financial Services Centre Authority.

Most Asian stocks fell in early trade on Wednesday taking mixed cues from Wall Street ahead of US inflation data and presidential debate.

The benchmarks in Japan and South Korea fell the most while Australia's edged higher. The US Future contracts hinted at a negative start. The Nikkei 225 was 0.64% lower at 35,950, and the S&P ASX 200 was up 0.08% at 8,018 as of 6:07 a.m.

Meanwhile, crude oil prices remained below the $70 mark after plunging to the lowest close since late 2021 on concerns over global demand.

Traders will eye the upcoming CPI data in the US due on Wednesday, hoping that it may aid the Fed in shifting focus to a soft landing. South Korea’s bank lending rates to households will also be announced during the session.

While banks weighed the indices, a renewed buying in information technology stocks lifted most benchmarks in the US. The S&P 500 and Nasdaq Composite rose 0.45% and 0.84%, respectively. The Dow Jones Industrial Average slid 0.23%.

Oil prices advanced after a rout during the previous session. Brent crude was trading 0.58% higher at $69.59 a barrel as of 5:59 a.m. IST.

• US Dollar Index at 101.66.

• US 10-year bond yield at 3.64%.

• Brent crude up 0.58% at $69.59 per barrel.

• Bitcoin was down 0.12% at $57,505.93.

• Gold was up 0.07% at $2,518.43 an ounce.

The Indian rupee closed weaker against the US dollar on Tuesday amid expectations of a continued RBI intervention. Market participants are waiting on the sidelines for the release of US inflation data due Wednesday for insights on the scale of the Federal Reserve’s anticipated interest rate cut.

The rupee closed three paise weaker at Rs 83.98 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.95 on Monday.