Indian benchmark indices ended lower on September 22, with the Nifty holding marginally above the 25,200 mark. IT stocks slumped on news of President Trump’s $100,000 H-1B visa fee but pared losses after a subsequent clarification, while the GST rollout and sustained buying in Adani Group counters aided an intraday pullback.

At the close, the Sensex fell 466.26 points or 0.56% to 82,159.97, and the Nifty slipped 124.70 points or 0.49% to 25,202.35. Broader markets remained under pressure, with the midcap index losing over 0.5% and the small-cap index sliding more than 1%. Sector-wise, IT led the decline with a 2.95%drop, followed by a 1.4 % fall in pharma whereas Energy index gained by 0.69% followed by Metals & media gaining by little over 0.4% respectively.

Nifty Outlook

The index formed a high wave candle with a lower high and lower low signaling profit booking for the second session in a row. The price action underscores profit-booking pressure at elevated levels following a sharp 1,000-point rally over the past three weeks, which has propelled the daily stochastic oscillator into overbought territory. Bajaj Broking expects the index to extend the last 2 sessions consolidation in the range of 25,500–25,000 zone.

The immediate support base is seen at 25,100–24,900, which coincides with the confluence of the 20- and 50-day exponential moving averages (EMA) and a key Fibonacci retracement zone of the recent up move (24405-25448). Bajaj Broking maintains a constructive view and believe the ongoing corrective pullback presents a tactical buying opportunity within the broader uptrend. On the upside, the index faces resistance at the 25,500–25,600 zone. A sustained breakout above this supply zone could trigger further upside in the coming weeks. 

​Bank Nifty Outlook

The Bank Nifty has formed a bear candle with a lower high and lower low signaling profit booking for the second session in a row at the 61.8% retracement of the entire decline (57628-53561) placed around 56,000 levels. This price action underscores profit-booking pressure at elevated levels following a sharp 2300-point rally over the past three weeks, which has propelled the daily stochastic oscillator into overbought territory. Given the stretched near-term momentum indicators, a phase of consolidation appears likely within the 56,000–54,700 zone. 

Immediate support is placed at 54,700 levels being the confluence of the last week low and 20 days EMA. While key support is placed at 54,000 levels being the key retracement of the entire decline. Bajaj Broking maintains a constructive view and believe the ongoing corrective pullback presents a tactical buying opportunity. On the upside, the index faces initial resistance at the 56,000 zone. A sustained breakout above this supply zone could trigger a fresh leg of momentum, potentially opening the gates for a move towards the 57,000 marks in the coming weeks.

Also Read: Bajaj Broking & MOFSL Daily Market Commentary: Sept 19th 2025

Motilal Oswal Financial Services Ltd. 

Indian equities slipped on Monday, weighed down by negative sentiment afterU.S. President Donald Trump’s new H-1B visa fee rule. Nifty50 settled at 25,202, down 125 points (-0.5%), with broad-based weakness across sectors. The Nifty Midcap100 fell 0.7%, while the Smallcap100 declined 1.2%.

Sectorally, most indices ended in the red. Pharma came under pressure, down 1.4%, while IT was the biggest drag, tumbling 3% after the U.S. sharply raised the one-time H-1B visa fee to $100,000 (~₹88 lakh). This rattled sentiment in a sector that had only recently shown signs of recovery. IT services are seeing slower growth for now as companies spend more on AI hardware, but demand is expected to pick up once technology stabilizes and adoption becomes wider.

Looking ahead, focus will be on Commerce Minister Piyush Goyal’s visit to the U.S. on September 22 for trade deal negotiations—the first since the Trump administration imposed 50% tariffs. After the recent run-up, equities are likely to consolidate, tracking developments on this front.