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Benchmark indices, Sensex and Nifty, are expected to open slightly higher on September 23, with indications from GIFT Nifty suggesting a positive start with a gain of around 80 points. The Nifty is showing strong bullish momentum on both the weekly and daily charts, consistently forming higher highs and higher lows. This is supported by significant trading volumes, signaling continued strength.

The immediate support for Nifty is observed at 25,400 and 25,200, which aligns with the 20-day Exponential Moving Average (EMA). These levels present potential buying opportunities for investors. On the upside, if Nifty can sustain above the 25,800 mark, it could further rally toward 26,000 and 26,400 in the coming week, reinforcing the bullish trend.

In the banking sector, Bank Nifty has formed a rounding bottom pattern on the daily chart, indicating a robust bullish trend, especially in private sector banking. The immediate resistance for Bank Nifty is at 54,500 and 55,000, while on the downside, 53,000 acts as a critical support level.

The Relative Strength Index (RSI) momentum indicator is hovering around 74, reflecting continued strength in the market. Additionally, foreign institutional investors (FIIs) extended their buying activity on September 20, purchasing equities worth ?14,064 crore. Meanwhile, domestic institutional investors (DIIs) sold equities worth ?4,427 crore on the same day.

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