Summary:
Nifty prediction today, September 21, focuses on 23,100 support and 23,615 resistance as the index extends its three-session recovery. GIFT Nifty signals a cautious opening, while technical indicators show improving momentum but broader trends remain weak.
The Nifty 50 continued its recovery on Friday, September 18, closing at 23,346.40, up 75.80 points or 0.33%. The index opened at 23,334.70 and initially advanced to an intraday high of 23,389.15 before witnessing some profit booking. However, buying interest at lower levels helped the index recover from an intraday low of 23,286.60 and finish near the day’s upper range. With this move, the Nifty extended its recovery for the third consecutive session.
GIFT Nifty Signals Cautious Opening
Indian equities are set for a cautious start on Monday, with GIFT Nifty indicating a muted opening. At 07:35 IST, GIFT Nifty was trading 23 points, or around 0.10%, below the Nifty 50’s Friday close of 23,346.40, at around 23,323.40.
Asian markets were mostly higher in early Monday trade. At around 06:09 IST, South Korea’s Kospi gained about 1.1%, while the MSCI Asia-Pacific index excluding Japan rose 0.3%, led by technology and chip stocks.
Japan was closed for the Silver Week holiday, while Nikkei futures advanced 0.5%. Exact current-session levels for the Hang Seng and Shanghai Composite could not be independently verified at the pre-market cut-off.
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Nifty Technical Setup: Recovery Holds Above 23,100 Support
Friday’s price action formed a bullish candle with an upper shadow, reflecting continued buying interest after the recent decline. The Nifty has formed a series of higher lows from the recent bottom near the 23,100 zone, indicating that buyers are attempting to establish a short-term recovery structure.
On the hourly chart, the index has moved above the short-term 8-EMA and 21-EMA, with the shorter EMAs also beginning to turn upward. The 15-minute chart shows the index holding above its short-term EMA cluster, indicating improving intraday momentum.
However, the Nifty remains below the important 23,615 resistance level, which continues to act as a key hurdle. The 23,100 level remains an important support on both daily and intraday charts. As long as this zone holds, the recent recovery structure remains intact. At the same time, the daily chart continues to show the index below major medium-term EMA levels, indicating that the current move remains a recovery attempt rather than a confirmed trend reversal.
Nifty Momentum Indicators Show Improvement
The 14-period daily RSI recovered to 33.66 after recently entering oversold territory, indicating that selling pressure has moderated. On the hourly chart, RSI moved above 50 and stood at 52.96, while the 15-minute RSI also remained above the neutral 50 level.
Despite this improvement, the daily RSI remains below 50, highlighting weak broader momentum. A sustained move above the key resistance zone, supported by stronger volumes, would be required to confirm further strengthening of the recovery.
Nifty Support and Resistance Levels to Watch Today
The Nifty needs to sustain above the 23,350–23,400 zone and then decisively move above 23,615 for the recovery to extend. A breakout above 23,615 could open the way towards 23,800–23,920, where the next major EMA resistance zone is placed.
On the downside, 23,200–23,100 remains the crucial support area. A sustained hold above this zone could keep the higher-low structure intact and support further consolidation with a positive bias. However, a decisive break below 23,100 could weaken the recovery and bring the 22,800–22,500 zone back into focus.
Stocks to Watch Today, September 21
Stocks to Watch Today: Lenskart Solutions, Rail Vikas Nigam, Welspun Enterprises, Refex Industries and GR Infraprojects will remain among the stocks to watch during Monday’s trading session. Knowledge Marine & Engineering Works, HEG, Nibe, VIP Industries and Mazagon Dock Shipbuilders are also likely to remain in focus.
Utkarsh Small Finance Bank, Coforge, Manipal Health Enterprises, Nestle India and JSW Energy will also be closely tracked for company-specific developments and potential market activity.
