Buy or sell stocks: The Indian stock market remained under pressure on Wednesday, September 9, as intensifying tensions in the Middle East drove oil prices to a six-week high, raising concerns over a renewed rise in global inflation.
Extending its decline for the third consecutive session, the Nifty fell 0.86% to close at a three-month low of 23,431. The Sensex also slipped 1.08% to end the session at 74,764.
Nifty 50 closed at 23,431.50, down 203.60 points (-0.86%), extending its decline after another gap-down start. Although the index attempted a recovery toward 23,571.55, selling resumed in the second half and dragged it to a fresh low at the close. The break below the 23,500 mark and rising trendline keeps the short-term setup firmly under pressure, while oversold RSI leaves room for a technical bounce.
“The immediate support is placed at 23,300–23,360, with a breach potentially opening further downside. On the higher side, 23,570–23,650 is likely to cap recovery attempts, followed by the broader resistance zone near 23,800. With India VIX rising to 11.92 and Call OI concentrated at higher strikes, the near-term bias remains bearish, though oversold conditions could trigger intermittent rebounds,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty ended at 56,295.55, down 482.00 points (-0.85%), as sustained selling kept the index near the lower end of the session. The breach of its rising trendline and key moving-average supports has further weakened the technical structure, while the index is now trading below the 200-Day EMA, signalling increased downside risk.