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On Tuesday, 23 September, Indian equities traded in a range-bound manner throughout the session. The markets opened with a gap-down but gradually recovered most of the early losses as selective buying emerged across sectors. Momentum remained capped, and indices oscillated within a narrow band, eventually closing slightly lower.

Why it’s recommended: NMDC is showing strong short-term momentum as it sustains above key support levels. The daily RSI at 70.70 highlights robust bullish strength, while the MACD at +1.58 confirms a positive trend continuation. The ADX at 27 signals healthy trend strength, suggesting that the upmove is supported by a firm underlying structure. Price action holding above ₹77 reflects demand absorption, keeping the bias positive for further upside.

RSI (14-day): 70.70 — strong bullish momentum

MACD (12,26): +1.58 — positive crossover, trend intact

ADX (14): 27 — confirming solid trend strength

Technical view: Sustaining above ₹77 keeps the setup constructive, with potential to move toward ₹80.80.

-Commodity price volatility may impact sentiment.

-Global steel demand fluctuations can influence stock performance.

Buy at: ₹78.10

Target price: ₹80.80

Stop loss: ₹77

Why it’s recommended: Maruti is displaying very strong bullish momentum as it trades at lifetime high levels. The daily RSI at 80 indicates overbought but sustained bullish strength, while the MACD at +587 confirms a powerful ongoing uptrend. The ADX at 63 signals a highly trending move, reflecting robust demand and strong institutional participation. Additionally, the recent GST rate cut for the auto sector is providing a structural tailwind, further strengthening the outlook for near-term upside.

RSI (14-day): 80 — strong bullish momentum, overbought zone

MACD (12,26): +587 — trend continuation signal

ADX (14): 63 — very strong trend strength

Technical view: Sustaining above ₹15,998 keeps the bullish structure intact, with potential to test ₹16,295 in the near term.

-Overbought RSI may trigger short-term profit-taking.

-Sensitive to input cost pressures and currency fluctuations.

-Auto sector demand remains linked to macroeconomic cycles.

Buy at: ₹16,097

Target price: ₹16,295

Stop loss: ₹15,998

Why it’s recommended: Hindustan Copper has turned bullish with strong price momentum. The daily RSI at 78 reflects aggressive buying interest, while the MACD at +13 confirms positive trend continuation. The ADX at 40 highlights a robust and strengthening trend. On the daily chart, the stock has also broken above a key trendline resistance, validating the breakout and pointing towards continuation of the rally.

RSI (14-day): 78 — strong bullish momentum

MACD (12,26): +13 — positive crossover, trend intact

ADX (14): 40 — robust trend strength

Technical view: As long as the stock sustains above ₹293, the breakout remains valid, with potential to move toward ₹335.

-High sensitivity to global copper price fluctuations.

-Exposure to mining regulatory risks and commodity cycles.

-Overbought RSI makes the stock vulnerable to pullbacks.

Buy at: ₹307.45

Target price: ₹335

Stop loss: ₹293

The NIFTY 50 slipped 32.85 points or 0.13% to close at 25,169.50, while the BSE SENSEX lost 57.87 points or 0.07% to settle at 82,102.10. The NIFTY BANK ended in the green, gaining 225.00 points or 0.41% to close at 55,509.75, supported by strength in financial heavyweights.

Select cyclical pockets provided some intraday support, with the PSU Bank index rising 1.09%, the Metal index climbing 1.00%, and the Auto index gaining 0.62%. However, broader sentiment remained subdued as the FMCG index slipped 1.29%, the Realty index fell 1.89%, and the Indian consumption sector dropped 0.79%.

In stock-specific action, IndusInd Bank surged 2.85% on strong institutional buying, while Axis Bank advanced 2.31% and Bajaj Finance rose 1.89%. On the other hand, Trent slipped 2.38%, Tech Mahindra dropped 2.23%, and SBI Life Insurance declined 2.06%, keeping IT and consumption stocks under pressure.

The Nifty 50 closed at 25,169.50, down 32.85 points or 0.13%, reflecting mild profit booking after recent strength. Despite the decline, the index continues to hover around key support levels, keeping the broader structure constructive.

On the daily chart, the index trades above its medium-term averages, with the 20-DMA at 24,926 and the 40-DEMA at 24,952 serving as strong support zones. Momentum indicators remain stable—the RSI is at 56, indicating neutral-to-positive momentum, while the MACD at +128 continues to reflect an underlying bullish bias.

The hourly chart paints a more cautious picture. The index is sustaining just above short-term supports, but momentum has cooled off. The RSI at 43 suggests weak intraday momentum, while the MACD at -30 points to short-term pressure. The Nifty is trading near the 20-HMA at 25,249 and 40-HEMA at 25,226, making this band an immediate resistance zone.

The derivatives setup highlights a mixed undertone. Total Call OI at 180.8 million remains higher than Put OI at 138.4 million, leaving a negative OI differential of -42.4 million, indicating overhead supply pressure. However, the day’s OI change tells a different story—Call OI fell by 49.8 million, while Put OI rose by 6,454,000, creating a positive differential of 56.3 million. This suggests short-covering on the Call side and fresh Put writing, hinting at support near lower levels. The heaviest Call OI and additions are concentrated at the 25,200 strike, while on the Put side, the 25,150 strike holds the maximum OI and saw the highest additions, confirming it as a near-term support base.

The Nifty is retesting the recent supply zone of 25,150-25,040. If the index sustains above the 25,000 mark, the structure remains bullish and could fuel an eventual rally toward 25,500-25,750. On the downside, a break below 25,000 may invite further selling pressure toward 24,800-24,750.

The short-term trend remains cautiously positive, with momentum consolidating. Traders should watch the 25,000 support closely, while strength above 25,200 will be key for the next leg of upside.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441. Investments in securities are subject to market risks. Read all the related documents carefully before investing.

Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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