Summary:
Nifty prediction for September 25: Nifty 50 closed at 23,063.10 after falling 1.64% on September 24 and breaking below 23,120 support. With momentum indicators weak, traders will track 23,000 support and 23,120 resistance for the next session.
The Nifty 50 came under intense selling pressure on Thursday, September 24, ending the session at 23,063.10, a decline of 383.70 points or 1.64%. The index opened at 23,221.80 and remained under pressure throughout the day, slipping to an intraday low of 23,046.15. The breach of the important 23,120 support level triggered further weakness, with banking, financial services and metal stocks contributing significantly to the decline.
Market Breadth Weakens as Broad-Based Selling Hits Equities
The overall market structure turned negative, with selling pressure visible across sectors. In the Nifty 50 universe, only 3 stocks managed to close higher, while 47 stocks ended in the red, highlighting the extent of weakness.
Sectors such as Nifty India Digital, CNX Finance, Nifty Private Bank and CNX Metal witnessed notable declines. The underperformance of financial and metal stocks added further pressure on the benchmark index and reflected a broad risk-off approach among market participants.
Nifty Technical View: Breakdown Below 23,120 Signals Weakness
The technical setup weakened considerably after the Nifty slipped below the 23,120 support zone, which had provided support during the earlier decline. The index formed a sharp bearish candle on the daily chart and closed below key short-term moving averages.
The daily EMA cluster placed around 23,345–23,558 is now likely to act as a resistance zone on any recovery attempt. The weakness is also visible on lower timeframes, as the hourly and 15-minute charts have broken below their respective EMA structures.
With 23,120 now converted into an immediate resistance level, traders will closely track the 23,000 mark as the next important support zone.
RSI Indicates Weak Momentum Across Timeframes
Momentum indicators have turned negative across multiple timeframes. The daily RSI has declined to 30.97, while the hourly and 15-minute RSI readings stand at 26.96 and 27.33, respectively.
Although these levels indicate that the index has moved into an oversold region, there is no confirmed reversal pattern visible at present. Unless the Nifty regains and sustains above 23,120, the near-term trend is likely to remain under pressure.
Important Levels to Watch for Nifty
For the upcoming session, the 23,000 level will remain the key support area after the breakdown below 23,120. A decisive fall below this psychological mark could open the possibility of further downside.
On the upside, 23,120 will act as the first hurdle, followed by the 23,345–23,465 zone, where short-term moving averages are placed. A recovery above 23,120 could reduce immediate selling pressure, while continued trade below this level would indicate that bears remain in control.
