Sensex, Nifty set to break 6-day losing streak - Key levels to watch on September 29

Markets to track RBI, trade talks this week

Indian benchmark indices Sensex and Nifty are likely to start on a positive note on September 29, snapping their 6-day winning streak, tracking strong global cues. As of 7:35 am, the GIFT Nifty stood around 24,816, up 111 points or 0.45 percent.

Last week, benchmark indices fell 2.6 percent as investor sentiment took a hit. News of the H1-B visa fee hike and Accenture’s weak guidance pressured IT stocks, while US President Donald Trump’s decision to impose 100 percent tariffs on branded and patented drugs rattled pharma shares. Together, these factors dragged the market to its worst week in seven months.

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This shortened week, investors will closely track the Reserve Bank of India’s monetary policy outcome. The street remains divided on whether the Monetary Policy Committee will go for another rate cut or maintain a status quo. Also, the September quarter comes to a close on Tuesday, and companies will start releasing business updates from Wednesday.

In a surprise move, China has cut the 30 percent import duty on Indian pharmaceutical products to zero, allowing drug makers to export without customs charges. Pharma stocks will be in focus, as this could help offset some of the impact from the 100 percent US tariffs. At the same time, progress in India–US trade talks will be keenly tracked, as any update on tariffs or agreements could sway sentiment in IT, pharma, and other export-driven sectors.

Ponmudi R, CEO of Enrich Money, noted that Nifty is at a crucial support zone near 24,600, where a key trendline and the highest Put open interest converge. A breakdown below this could trigger a sharper fall toward 24,400, the August 29 low and a strong horizontal base.

On the upside, resistance stands at 24,950–25,150, where aggressive Call writing is capping rallies. Only a close above 25,150 would signal stability and open the way to 25,600.

This morning, Asian markets were mostly higher as investors looked past tariff worries. South Korea’s Kospi added 1.25 percent, bouncing back from Friday’s steep fall on trade talk jitters with Washington. Japan’s Nikkei 225 slipped 0.84 percent, while Hong Kong’s Hang Seng index rose 1.19 percent.

On Friday, US markets ended higher after crucial inflation data. The Dow Jones Industrial Average gained 300 points, the S&P 500 advanced 0.59 percent, and the Nasdaq Composite rose 0.44 percent.

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