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Informist, Thursday, Sept. 17, 2026

 

By Anshul Choudhary

 

MUMBAI – The Nifty 50 index may gain a little more in the coming session as it has held above immediate support levels, giving analysts some confidence amid bullish cues. However, it will be difficult to make easy gains going forward due to the risk of higher interest rates in the future. Options bets also suggest the index will face selling pressure at higher levels.

 

The Nifty 50 index faced selling pressure Thursday at higher levels after the US Federal Reserve committee raised its key interest rate by 25 basis points, further increasing bets that the Reserve Bank of India will also raise interest rates soon. Thursday, the Nifty 50 index rose for the second straight session, ending 53 points higher at 23270.60 points.

 

"The lack of strength to show a sharp upside bounce from near the supports is visible in Nifty. The bearish chart pattern like lower highs and lows is also intact on the daily chart," Nagaraj Shetti, senior technical research analyst at HDFC Securities, said in a note.

 

In options contracts, traders sold out-of-the-money call contracts, indicating weaker bullish expectations. Significant open interest additions were seen in call options between 23300-24500 strike prices, with technical analysts suggesting an immediate resistance level at 23400-23500 points. At the same time, traders bought in-the-money call options and even covered short positions at 23100-23200 levels, suggesting downside is expected to be limited.

 

On the put side, traders sold contracts across strike prices, with the highest open interest addition at the 22000 strike price, followed by the 23300 strike price. Technical analysts said the current support level of 23100-23000 should hold in the near term if there are no fresh negative cues.

 

Analysts expect limited downside for the Nifty 50 index in the near term. This is despite higher crude oil prices, as valuations for large-caps have become more attractive, with the index's price-to-earnings ratio below long-term averages. Brent crude oil futures have come off highs in the past two sessions to around $103 per barrel from near $110 just days back. However, current oil prices remain over 41% higher than pre-war levels.

 

--Nifty 50 September closed at 23350.00, up 77.70 points; 79.40-point premium to the spot index
--Nifty 50 October closed at 23455.60, up 85.00 points; 185.00-point premium to the spot index

--Nifty 50 November closed at 23552.00, up 79.50 points; 281.40-point premium to the spot index

 

HDFC Bank, Tata Consultancy Services, State Bank of India, Reliance Industries, PB Fintech, ICICI Bank, One 97 Communications, Tata Steel, Tata Motors Passenger Vehicle and BSE were the most actively traded underlying stocks Thursday.  End

 

US$1 = INR 95.93

 

Edited by Saji George Titus

 

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