Nifty Prediction For September 15: Will Nifty Break 5-Week Losing Streak? Know Key Support & Resistance Levels

Nifty outlook: The Indian stock market will resume trading on Tuesday, September 15, after the Ganesh Chaturthi holiday today, with global cues and crude oil prices likely to remain in focus. The index will enter the session after suffering its fifth consecutive weekly decline, while technical indicators point to a vulnerable broader structure despite the possibility of a short-term rebound.

The latest Gift Nifty indication was at 23,482, up 26.5 points or 0.11%, suggesting a mildly positive start for domestic equities after the holiday break.

Nifty had ended the previous trading session at 23,398.10, which was down 499.60 points, or 2.09%, for the week. The index fell to a weekly low of 23,231.40 before recovering from the day’s lows, indicating

some buying interest at lower levels.

Nifty outlook for September 15

Hitesh Tailor, research analyst at Choice Broking, said the Nifty remains in a cautious technical setup after facing sustained selling pressure and breaking below its near-term consolidation zone.

“On the upside, immediate resistance levels are placed at 23,900 and 24,150. A sustained move above this zone could provide some relief and revive buying momentum. On the downside, support is seen at 23,250 and 23,000,” Tailor said.

He added that Nifty continues to trade below its 50-week EMA near 24,300, while the 200-week EMA around 22,360 remains an important long-term support. The weekly RSI is around 40, indicating weakening momentum and a reading below the neutral 50 level.

For Tuesday’s session, the 23,300-23,000 zone is likely to be crucial. A hold above this area could encourage short-covering and trigger a technical bounce, while a decisive break below 23,000 could deepen the correction towards 22,500, according to Santosh Meena, head of research at Swastika Investmart.

“Despite the possibility of a relief rally, the broader structure remains vulnerable to fresh selling pressure until Nifty decisively conquers the 24,000 mark,” Meena said.

What could drive Nifty on Tuesday?

The market will return to action against a backdrop of elevated global uncertainty. Crude oil prices, US bond yields, geopolitical tensions in West Asia and foreign institutional flows are likely to influence sentiment.

Meena said escalating tensions in West Asia and the sharp rise in crude oil prices had been among the key triggers for the recent sell-off. The upcoming US Federal Reserve policy decision on September 16 is another major event that could keep investors cautious.

Foreign institutional investors have maintained a bearish stance, while domestic institutional investors have continued to provide support. According to Meena, FIIs sold around Rs 1,800 crore in the cash market during the previous week, while DIIs bought about Rs 6,400 crore.

The mildly positive Gift Nifty indication suggests that the Nifty could open on a steady-to-positive note on Tuesday, but analysts caution against interpreting an early rebound as a trend reversal.

With the index having entered near-term oversold territory after five consecutive weekly declines, short-covering could support the market around 23,300-23,000. However, the broader trend is likely to remain under pressure unless Nifty manages to reclaim 23,900-24,000 decisively.

Key triggers to watch

The Fed’s September 16 policy decision, along with crude oil prices and geopolitical developments, could determine whether any Tuesday recovery sustains or attracts fresh selling.