Nifty support at 23,000; key levels to watch before September 28 opening bell

Indian stock market indices Nifty 50 and Bank Nifty rebounded on September 25, but analysts warn the broader technical trend remains bearish, with 23,000 identified as a crucial support level for the Nifty. The Nifty 50 closed 0.34 percent higher at 23,140 after recovering from a low of 23,021, though it fell 0.88 percent for the week. Options data shows maximum put open interest at the 23,000 strike, reinforcing this support, while call resistance is seen at 23,500. The India VIX eased 4.16 percent to 12.16. Technical indicators remain weak, with both indices trading below key moving averages and the RSI below 40. A sustained break below 23,000 could drag the Nifty towards 22,800-22,700, while holding above could push it towards 23,300-23,500. Four stocks remain under the F&O ban: Kaynes Technology, LIC Housing Finance, Manappuram Finance, and SAIL.