The Nifty 50 surged past 25,200 on September 16, confirming a bullish breakout and reigniting momentum.
The bulls staged a strong comeback on September 16, pushing the Nifty 50 past the 25,200 mark for the first time since August 23.
On Tuesday, foreign institutional investors (FIIs) bought Indian equities worth ₹308 crore, and domestic institutional investors (DIIs) continued to be buyers, adding ₹1,519 crore. Investors will be watching for the US Federal Reserve’s rate decision due tonight. The markets have priced in a 25 bps rate cut by the Fed.
Will the Nifty index scale new heights going ahead? SEBI-registered analysts shared the trade setup for September 17 on Stocktwits.
Trade Setup For Wednesday
Mayank Singh Chandel noted that the Nifty index has confirmed a double bottom breakout on the daily timeframe, which is a bullish reversal signal that strengthens the medium-term outlook. And the index continues to sustain above the 21-day Exponential Moving Average (EMA), reinforcing short-term strength. He believes that Nifty has turned structurally bullish again, with 25,000 acting as the make-or-break support.
Key Levels to Watch
• Immediate Resistance: 25,250
• Crucial Resistance Zone: 25,500 (if sustained buying continues, index may extend towards this zone)
• Immediate Support: 25,150
• Critical Support: 25,000 (a breakdown below this level could halt the rally and invite profit booking).
Chandel said that the index is showing strong momentum after breaking above its consolidation zone, and as long as it holds above 25,000, the trend remains positive. A decisive move above 25,250–25,300 could accelerate the rally towards 25,500.
Bharat Sharma of Stockace Financial Services highlighted that the positional breach of the immediate resistance zone at 25,140–25,150 was a clear indication of upside momentum and was likely the primary reason behind the initial wave of short covering on Tuesday. Going ahead, if the resistance at 25,250 is crossed, the next zone lies between 25,400 and 25,450. Any small retracements above 25,000 are unlikely to dent the prevailing upside momentum, making every dip a buying opportunity, according to Sharma.
From an intraday perspective, he expects a strong upside move once the index decisively crosses above 25,250, with targets extending toward 25,400, moving through fractional levels around 25,320 to 25,400. Resistance is seen at 25,250–25,260, and immediate support at 25,200, 25,175, 25,140, 25,100, and finally at 25,000.
Sharma reiterated that the market bias remains positive as long as it sustains above the 25,000 mark.
Vinay Taparia noted that the Relative Strength Index (RSI) is above 60, which indicates bullishness in the market. If Nifty manages to close above 25,270, it can move towards the 25,600 levels. And on the downside, Taparia identified 25,150 as a strong support level.
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