Nifty And Sensex Poised For Rebound: What Traders Should Watch On September 29

The Indian stock market is poised for a cautious start on September 29, following its steepest weekly decline in nearly seven months. Benchmark indices Sensex and Nifty 50 closed last week sharply lower amid elevated volatility and negative sentiment triggered by US tariff announcements and H1-B visa fee hikes impacting IT and pharma sectors. Investors now look to the Reserve Bank of India’s monetary policy decision and corporate quarterly results for fresh cues.

 

Market Snapshot Ahead Of The Session

Nifty 50 hovered near 24,650 at last close; support zone established around 24,600-24,650

 

Sensex ended near 80,426, down over 700 points for the week, breaking key moving averages

 

Bank Nifty also slid below important support marks, reflecting pressure in banking & finance stocks

 

Asian markets show mixed trends; US indices ended higher amid easing inflation concerns

 

Factors Influencing Market Direction

Investors will closely watch RBI’s policy announcement amid expectations split between a pause or a cautious rate cut to balance growth and inflation. Corporate earnings season begins Wednesday, with market heavyweights set to release updates influencing sectoral sentiments. Progress in India-US trade talks and the impact of China’s zero import duty on Indian pharma exports will also affect market confidence.

 

Technical Outlook And Trading Levels

Critical support for Nifty lies near 24,600, with a break below possibly triggering further correction to 24,400. On the upside, resistance levels near 24,950-25,150 need to be breached for sustained rebound. Market analysts advise caution amid ongoing volatility and recommend monitoring derivative data signals and momentum indicators before taking fresh positions.

 

Sources: Economic Times, Reuters, Moneycontrol, The Hindu Businessline, GoodReturns