Intraday profit booking was seen in selective Defence stocks.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, September 18, 2025: The market rally continues, with the Nifty ending 93 points higher, while the Sensex was up by 320 points. Among sectors, Pharma and Healthcare indices gained over 1 percent, whereas intraday profit booking was seen in selective Defence stocks. Technically, after a gap-up open, the market witnessed some selling pressure at higher levels. However, the short-term outlook remains positive.
For day traders, the higher bottom support is placed near 25,300/82700. We are of the view that as long as the market trades above this level, the bullish sentiment is likely to continue. On the higher side, 25,500/83300 would act as an immediate resistance zone for the bulls. A successful breakout above 25,500/83300 could push the market up to 25,600–25,625/83500-83600.
On the flip side, if the market falls below 25,300/82700, the uptrend would become vulnerable. Below this level, traders may prefer to exit their long positions.
According to Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates: “Nifty started the day on a positive note, witnessed profit booking; however, late recovery helped the index settle on a positive note at 25,424. Technically, on the daily chart, Nifty formed a hanging man candle near the trend line resistance, indicating strong supply around the 25,450–25,500 zone. Thus, short-term traders are advised to book profits and wait for the index to sustain above 25,500 for further upside. On the downside, the breakout point at 25,150 will act as immediate support, followed by 24,920, where the 34-DEMA is placed. Hence, traders are advised to remain cautious in Nifty in the near term.
The Bank Nifty index began on a gap-up note, witnessed profit booking, and eventually settled on a bullish note at 55,727. Technically, on the daily scale, Bank Nifty formed a hanging man candle, reflecting uncertainty. On the higher side, the Bank Nifty index will face hurdle near the 56,000–56,160 zone, where major resistance is placed. Immediate support for the Bank Nifty is seen near 55,050, where the 34-DEMA is placed, followed by 54,500. Thus, traders are advised to buy-near-support and sell-near-resistance mentioned above.”
