Buy or sell: The Indian stock market closed with solid gains on Friday, September 12, lifted by select heavyweights such as ICICI Bank, Bajaj Finance, and Reliance Industries, amid mostly upbeat global trends.
The Sensex advanced 356 points, or 0.44 per cent, to settle at 81,904.70, while the Nifty 50 rose 109 points, or 0.43 per cent, to finish at 25,114. Broader markets also ended higher, though they lagged behind the benchmarks, with the BSE Midcap index edging up 0.09 per cent and the Smallcap index gaining 0.27 per cent.
“The Nifty 50 ended the week higher by 1.45 per cent at 25,114, supported by positive sentiment from news of the Trump administration’s plan to hold talks with PM Modi on tariff issues and expectations of a rate cut by the US Federal Reserve, which boosted global markets. Broader indices also gained 1–2 per cent each,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Weekly market outlook
Nifty 50
Dongre believes Nifty moved past the crucial 24,800 resistance and sustained above 25,000, with earlier support seen at 24,300–24,400 near the 200-day EMA and 38.2 per cent Fibonacci retracement, making this a strong base.
“For the coming week, sustaining above 25,000 could open the path towards 25,300–25,500, while support lies in the 24,800–24,900 zone. Options data indicates resistance at 25,200–25,500 and support at 24,800–24,900,” he said.
Bank Nifty
Meanwhile, Bank Nifty continues to hold 55,000 support, with broader support at 53,500–54,000 and resistance at 56,000–57,000, he added.
Conclusion
Dongre further went on to say that the while the market retains an optimistic undertone, a decisive breakout above 25,600 for Nifty and 57,000 for Bank Nifty will be key to confirming the resumption of upward momentum, and traders are advised to remain selective with a disciplined approach while cautious tracking global cues and geopolitical developments.
Weekly stocks to buy or sell
1. ITC: Buy at ₹410-415; Stop Loss at ₹395; Target Price of ₹430.
2. PNB Housing Finance: Buy at ₹820-830; Stop Loss at ₹790; Target Price of ₹865.
3. Redington: Buy at ₹242-244; Stop Loss at ₹232; Target Price of ₹260.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
