After a roller-coaster activity, the Nifty ended 20 points lower, while the Sensex was down by 62 points.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, September 29, 2025: Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Nifty ended 20 points lower, while the Sensex was down by 62 points. Among sectors, the PSU Bank Index was the top gainer, rallying over 1.89 percent, whereas the Defence index was the top looser, shed 1.20 percent. Technically, after a positive open, the market took resistance near 24,800/80800 and, due to profit booking at higher levels, it corrected sharply. From the day's highest point, it shed nearly 200 /600 points. In addition, on daily charts, it has formed a bearish candle, and on intraday charts, it continues to show a lower top formation, which is largely negative.
We are of the view that the short-term market outlook is weak, but since it is oversold, a strong possibility of a quick pullback rally cannot be ruled out. For day traders, 24,800/80800 would act as an immediate resistance zone. If the market successfully clears this zone, it could bounce back up to 24,900-24925/81000-81300. On the other side, below 24,600/80300, the selling pressure is likely to accelerate. Below this level, it could retest the levels of 24,500–24,450/80000-79800.
Gaurav Garg, Research Analyst Lemonn Markets Desk, adds: Indian equities turned volatile on Monday, with the Sensex slipping about 400 points from the day’s high and the Nifty closing below 24,650. Foreign fund outflows, ahead of the RBI’s policy decision on October 1, kept investors cautious. Most economists expect rates to remain unchanged, though some see room for a cut given easing inflation. Progress on U.S.-India trade talks also remains on watch, with tariff rollbacks a key focus. Axis Bank, Maruti Suzuki, Adani Enterprises, Kotak Mahindra Bank, and L&T were among the notable laggards. The India VIX edged higher, indicating slightly increased volatility. On the technical front, Nifty may consolidate near current levels, with resistance around 24,830–24,970 and support at 24,500.
