 "Market today: GIFT Nifty up 150 pts; here's your trading guide for Sept 23")
Share market today: Domestic benchmark indices-- Sensex and Nifty-- are likely to open in green after clocking new heights in Friday's session. At around 7:35 AM, GIFT Nifty futures were up 148.25 points at 25,916.
This week, the US Federal Reserve's core inflation data for August, which is slated to be released on Friday, September 27, will be eyed closely for further cues on rate cuts.
Also, at least 9 Fed policymakers will be speaking this week at various events, including prepared remarks from Chair Jerome Powell, two governors, and New York Fed President John Williams.
The week is also eventful as it includes surveys on global manufacturing for September, US consumer confidence for September, and durable goods for August.
That apart, US S&P Global manufacturing, composite, and service data for September will be released today.
In the Asia Pacific markets, this week, Bank of Japan (BOJ) Governor Kazuo Ueda's speech will be closely tracked after BOJ kept interest rates steady on Friday. Further, BOJ's Monetary Policy Meeting Minutes, which is scheduled on Thursday,bwill also be eyed.
Back home, today, HSBC's composite, manufacturing, and service Purchasing Managers' Index (PMI) data for September will be released today.
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US markets on Friday
The indices closed mixed with Dow Jones finishing flat with a positive bias by 0.09 per cent, S&P 500 down 0.19 per cent, and Nasdaq Composite down 0.36 per cent.
Asian markets today
Japan's markets (Nikkei) are closed for trading today. Among others, at the last count, ASX 200 was down 0.70 per cent, Hang Seng was unchanged, and Shanghai was flat with a negative bias. Meanwhile, Kospi was up 0.27 per cent.
Crude oil check
On the commodity front, last seen, Brent crude futures were up 0.36 per cent to $74.76 per barrel.
Here's how analysts view today's (September 23) trading session
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
Nifty on the weekly chart formed a reasonable bull candle that has surpassed the congestion area of the last three weeks around 25,300-25,500 levels and closed higher.
The short term trend of Nifty is sharply positive. Having surged up in one session on Friday, there is a possibility of consolidation/breather pattern in the short term, before moving up further. The next upside targets as per Fibonacci extension to be watched around 26,250. Immediate support is at 25,650.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
On the daily charts, we can observe that the Nifty is moving towards the upper end of the rising channel placed at 26,000 which is also our short-term target. Support is placed in the zone of 25,500 – 25,450.
Nifty Bank has closed above the previous all-time high of 53,350 and is now heading toward 55,000 in the short term. Intermediate pullbacks or intraday dips should be used as a buying opportunity. The support zone is placed at 52,800 – 52,700.
Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates Ltd.
Technically, the index has settled above the previously formed doji, indicating strength. Thus, ongoing bullish momentum is likely to take Nifty towards 25,900-26,000 levels. On the upside, 26,000 will act as an immediate hurdle for Nifty. On the downside, 25,500 will serve as immediate support for Nifty followed by 15-DEMA support, which is placed near 25,300 levels. As long as Nifty stays above 25,600, a "Buy on Dips" strategy is advisable for traders.
Technically, Nifty Bank has given a breakout to a fresh rounding bottom pattern. According to the rounding bottom pattern breakout the index can test the levels of 57,000 in the medium term. However, in the short term, the index will face resistance near 55,000 levels. On the downside, the breakout level near 53,350 and the psychological level of 53,000 will serve as support points.
IPO watch: Manba Finance, WOL 3D India, and Rappid Valves (India) to open; Kalana Ispat to close
Mainboard:
Manba Finance Limited IPO's subscription window opens today. It is a book built issue of Rs 150.84 crore with an entirely fresh issue of 12.6 crore shares.
NSE, BSE SME IPO:
WOL 3D India Limited IPO and Rappid Valves (India) Limited IPO will open for subscription today on NSE SME.
On the flip side, Kalana Ispat Limited's IPO will close for subscription to NE SME.
FII, DII update: How much did FIIs, and DIIs buy or sell on September 20?
As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 14,064.05 crore.
Conversely, the DII's were net sellers of equities worth Rs 4,427.08 crore.
Indian markets on Friday:
Indian benchmark indices, the BSE Sensex, and NSE Nifty50, surged to historic highs, ending with gains of over 1 per cent each. The Sensex added as much as 1,359.51 points or 1.63 per cent to settle at 84,544.31. The index scaled a record high of 84,694.46 during intraday trade. The Nifty50 touched an all-time high of 25,849.25 before ending Friday's session with a gain of 375.15 points or 1.48 per cent at 25,790.95.