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Stock market benchmark Nifty 50 has been in the green for the third consecutive session, rising about 0.40% to reclaim the 23,360 mark in intraday trade on Friday, 18 September. The market is up even as major global central banks, including the European Central Bank (ECB), the US Federal Reserve, and the Bank of Japan (BoJ), have raised interest rates this month, underscoring concerns about rising inflation driven by elevated oil prices. Market sentiment remains cautious due to the ongoing US-Iran conflict. Oil prices have eased, but the risk of a rebound remains due to the persistent uncertainty about the Middle East conflict. On the technical front, Ajit Mishra, SVP of Research at Religare Broking, said that the Nifty’s ability to sustain above the 23,000–23,100 zone is encouraging, but the broader structure remains cautious following the recent correction. "A sustained move above 23,600 would be important for a stronger recovery, while a break below 23,000 could reopen downside pressure. For now, markets are likely to remain volatile, warranting a selective and hedged approach rather than aggressive positioning," said Mishra. Mishra pointed out that IDFC First Bank share price has witnessed a strong V-shaped recovery from ₹58 to the ₹87 zone, highlighting underlying price strength and resilience. The stock is currently trading at elevated levels and forming a base near the neckline of a broader cup-and-handle formation. "It is now on the verge of a decisive breakout, which, if sustained, could trigger a strong up move. Momentum indicators remain constructive, further supporting the potential for an upside," said Mishra. According to Mishra, PVR INOX has staged a strong recovery from ₹950 and sustained its uptrend, reclaiming its key long-term moving average, the 200-WEMA. Following a brief consolidation, the stock has formed a fresh buying pivot above its previous resistance zone, indicating renewed buying interest. "We expect the stock to sustain its positive bias, supported by favourable price action and constructive momentum indicators. Investors may look for momentum-led accumulation while adhering to the mentioned levels," said Mishra. Mishra underscored that after a strong rally from ₹3,960, where it found support at the 200-EMA, to ₹5,186, Titan is now showing early signs of exhaustion. "The stock has slipped below its short-term moving averages, the 20-EMA and 50-EMA, which had provided support since July 2026. It has also broken down from its consolidation range after failing to sustain at elevated levels," said Mishra. "The RSI indicates weakening momentum, trading below 50. All these factors indicate the possibility of further decline ahead. Participants may consider creating short positions as per the given levels," Mishra said. Read all market-related news here Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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