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September 18, 2025

  • Daily Morning Report                     Date: 18.09.2025
  • NIFTY OUTLOOK: 25330.25 FII -1124.54cr DII 2293.53cr
  • As discussed yesterday, market behaviour remained on expected lines. Nifty respected its positive uptrend, opened near the breakout level of 25280 (25276.6), defended it, and rallied up to 25346.50. It closed near our resistance level of 25323 at 25330.25.
  • A small bullish candle on the daily chart suggests continuation of the uptrend. If Nifty sustains above 25370, it may rally to 25410–25448, with further potential to test 25489.
  • On the downside, 25290–25251 may act as immediate support. A break below this range could drift Nifty towards 25212–25173.
  • Bank Nifty OUTLOOK:
  • SPOT: 55493.30 Pcr: 1.08 Max CE OI: 57000 Max PE OI: 54000
  • On 17th September 2025, Bank Nifty closed at 55493.30 (+345.70, +0.63%). The index moved 394.20 points during the session, hitting a high of 55540.75 and a low of 55146.55.
  • Technical View:
  • Support and resistance levels are placed at 55000 and 55600 respectively.
  • Intraday support and resistance are at 55385 and 55600.
  • Intraday Strategy:
  • Go long above 55600 with SL 55565, target 55700.
  • Go short below 55385 with SL 55420, target 55276.
  • RSI for Bank Nifty stands at 59.80 (below 30 oversold, above 70 overbought).
  • Bank nifty Day SMA Analysis:
  • Bank nifty is trading above 6 out of 8 SMA’s (5, 10, 20, 30,150, 200 Day).
  • Bank nifty is trading below 2 out of 8 SMA’s. (50,100 Day)
  • One bullish single candlestick Pattern was identified in bank nifty.
  • • Belt Hold Uptrend
  • Macros .
  • 1.Dollar index @ 96.645
  • 2.S&P 500 Vix @ 15.72 ( -0.64 )
  • 3.Brent crude @ 67.71 (-0.24)
  • 4.US 10 years bond yield @ 4.07
  • Note:
  • The Federal Reserve, pressured by rising unemployment risks, cut interest rates on Wednesday for the first time since December and signaled more cuts ahead to support a weakening labor market.
  • For India, progress on the US-India trade deal will be crucial. Any positive development could trigger heavy short covering by FIIs, who currently hold 83.66% shorts in index futures and remain sellers in the cash segment. A favorable outcome may create FOMO among FIIs, pushing Nifty quickly towards 25900–26000, with GST cuts and low interest rates further supporting momentum to new highs. However, negative news on the trade deal could lead to profit booking. Expectations remain high that the deal will go through this time.
  • --------------------------------------------------------------------------
  • Contributed by
  • Ashok bhandari : INH000019549
  • -------------------------------------xxxxxxx-------------------------------------------------------------------xxxxxxx---------------------------------
  • Fed's Powell: Unemployment remains little changed over past year.
  • Payroll job gains have slowed significantly, reflecting lower immigration and lower participation.
  • Fed's Powell: Moderation in growth largely reflects consumer slowdown.
  • Fed's Powell: Inflation has risen recently, remains somewhat elevated.
  • Fed's Powell: Job gains have slowed, downside employment risks have risen.
  • Fed's Powell: Unemployment remains low but has edged up.
  • Fed's Powell: Inflation has eased from mid-2022 highs, but somewhat elevated.
  • Total PCE prices likely rose 2.7% in august from year ago, core PCE rose 2.9%.
  • Fed's Powell: Good part of jobs slowing reflects labor force decline.
  • Fed's Powell: I can no longer say the labor market is solid.
  • Risks are moving toward equality.
  • Change in balance of risks suggests need to move in direction of neutral.
  • Fed's Powell: Demand for labor is down a little more sharply than supply of labor.
  • Over this year, policy has been at a restrictive level.
  • Fed's Powell: Labor market changes are mostly from immigration changes.
  • Both labor supply and demand have come down sharply.
  • Fed's Powell: Increase in goods prices accounts for most of inflation increase this year.
  • I expect tariff-driven price increases to continue this year and next year.
  • Fed's Powell: Committee is united in pursuing dual mandate goals.
  • It's possible tariffs are a reason for some slowing in labor market.
  • Fed's Powell: Could think of today's cut as a risk management cut.
  • A very different picture of risks to labor market since last fed meeting.
  • Fed's Powell: No widespread support for 50 bps cut today.
  • I don't feel need to move quickly on rates.
  • Fed's Powell: Not all of what is happening in the labor market is due to immigration. There's a clear slowing in demand.
  • I wouldn't say all of the job market slowing is from tariffs.
  • Fed's Powell: We have 10 of 19 policymakers who wrote down 2 or more cuts for the rest of the year. 10 saw less than that.
  • Look at the projections through the lens of probabilities.
  • Fed's Powell: If start to see layoffs, that could quickly push up unemployment because hiring rate low. That's one reason we think it's appropriate to shift policy focus toward a more balanced one
  • We're in a meeting by meeting situation
  • Fed's Powell: At same time, we need to weigh risks to two Fed goals.
  • Time to acknowledge the risks to the employment mandate have growth.
  • Our policy had been skewed toward inflation.
  • Fed's Powell: See inflation rising this year as goods prices rise from tariffs, expect it to be a one-time rise.
  • Fed's Powell: Labor market is softening, don't need it to soften more, don't want it to.
  • Markets are pricing in a rate path, though I'm not blessing that path.
  • Fed's Powell: We see where we are now, and take appropriate action, and we took it today.
  • Don't know that quarter-point cut will make a huge difference.
  • Vice President Says The American dream belongs to American citizens, not to illegal aliens, not to drug cartels, and it doesn't belong to foreign workers. It belongs to workers right here in the state of Michigan
  • Fed's Powell: Tariffs are mostly being paid by the companies that sit between exporter and consumer.
  • Fed's Powell: The companies in the middle say they intend to pass on higher prices, but so far have not.
  • Fed's Powell: New data suggest there is meaningful downside risk to labor market, that's broadly accepted.
  • Fed's Powell: It's not a bad economy or anything like that.
  • From a policy standpoint it's challenging to know what to do.
  • Fed's Powell: Breakeven rate for job growth has clearly come way down.
  • Fed's Powell: Breakeven rate for job growth has clearly come way down.
  • This speedy decline in both supply and demand for labor has gotten everyone's attention.
  • Fed's Powell: It's gratifying to see that economic activity is holding, a good bit like consumption.
  • Fed's Powell: As policy rate comes down, that tends to lower mortgage rates.
  • Fed's Powell: Would need big Fed rate changes to matter for housing sector.
  • Fed's Powell: We're cutting size of balance sheet quite marginally. Still in abundant reserves.
  • Fed's Powell: Default rates have been ticking up, and we do watch that.
  • CENTRUM: COMPLETES SALE OF INSURANCE BROKING ARM TO SUBSIDIARY FOR ₹13.76 CR
  • Centrum Retail Services sold 100 percent stake in Centrum Insurance Brokers Ltd to Centrum Financial Services Ltd for ₹13.76 crore.
  • IRDAI approval was received on September 17, 2025, and the transaction was completed the same day.
  • In FY25, CIBL contributed ₹130.3 million revenue and ₹113.6 million net worth to the group.
  • PRATHAM EPC: HIRES MACHINERY FOR SUBSIDIARY TO BOOST OVERSEAS OPERATIONS
  • Board approved hiring of two Daifeng pipe layer machines for wholly-owned subsidiary in Abu Dhabi.
  • Deal valid for 2 years at USD 5,680 per month, effective post-arrival of machinery (expected by 15 Oct 2025).
  • Move to enhance efficiency and support overseas growth; transaction executed at arm’s length compliance.
  • VIKRAM SOLAR: PROMOTERS PLEDGE SHARES WORTH ₹730 CR+ FOR WORKING CAPITAL & DEBT NEEDS
  • Promoters pledged 2.18 crore shares (6.05% stake) with Indian Bank and 7.30 crore shares (20.21% stake) by family trust, in addition to earlier 1.51 crore shares pledged.
  • Overall promoter encumbrance rises to 30.43% of total 63.12% holding.
  • Funds to be used for working capital and operational support.
  • While this provides liquidity in the short term, high pledge levels raise investor concerns over financial stress and governance.
  • DIXON TECHNOLOGIES: TO ACQUIRE 51% STAKE IN KUNSHAN Q TECH MICROELECTRONICS INDIA FOR ₹552.99 CR
  • Deal includes ₹427.99 crore for existing shares and ₹124.99 crore for new subscription.
  • Kunshan Q Tech makes camera and fingerprint modules, IoT devices, and automotive applications.
  • Acquisition to aid backward integration, technology transfer, and strengthen Dixon’s electronics manufacturing ecosystem.
  • MOIL: BEGINS EXPORTS OF MANGANESE ORE AS STATE TRADING ENTERPRISE
  • Company dispatched 54,600 tonnes of manganese ore fines from Vizag to Indonesia on August 22, 2025.
  • MOIL has been designated as a State Trading Enterprise for export of manganese ore below 46 percent Mn grade.
  • Exports will help manage India’s surplus low-grade manganese ore and reduce domestic oversupply.
  • COLAB PLATFORMS: ENTERS DRONE MARKET WITH RRP GROUP, TARGETS $1.5B OPPORTUNITY
  • Company signed an MoU with RRP Drones to design, develop and deploy AI-powered autonomous drones via a Special Purpose Vehicle.
  • India’s drone market is projected at ₹1.95 lakh crore by 2030, supported by PLI and subsidy schemes.
  • Drones will have applications in border security, agriculture, law enforcement, infrastructure, energy and environment protection.
  • SAWALIYA FOOD PRODUCTS : LARGE TRADE NSE
  • CRAFT EMERGING MARKET FUND PCC- ELITE CAPITAL FUND SOLD 1.02 LKH SHARES ( 1.02 % STAKES) @ ₹ 238 /SHARE
  • KINGSMAN WEALTH MANAGEMENT PRIVATE LIMITED BOUGHT 1.46 LKH SHARES ( 1.47 % STAKES ) @ ₹ 238 /SHARE
  • QMS MEDI LTD - RE : LARGE TRADE NSE
  • BINITA BHAVESH MEHTA BOUGHT 0.081 LKH SHARES @ ₹ 18.10 /SHARE
  • DEV ACCELERATOR : LARGE TRADE NSE
  • AU SMALL FINANCE BANK LIMITED SOLD 5.30 LKH SHARES ( 0.58 % STAKES) @ ₹ 62.89 /SHARE
  • AXIS BANK LIMITED SOLD 6.32 LKH SHARES ( 0.70 % STAKES) @ ₹ 61 /SHARE
  • THE SOUTH INDIAN BANK LIMITED SOLD 6.30 LKH SHARES ( 0.69 % STAKES) @ ₹ 61 /SHARE
  • NEO APEX VENTURE LLP BOUGHT 10 LKH SHARES ( 1.11 % STAKES ) @ ₹ 61 /SHARE
  • GUJARAT FLUOROCHEMICALS : LARGE TRADE NSE
  • PROMOTER DEVANSH TRADEMART LLP SOLD 13 LKH SHARES ( 1.18 % STAKES) @ ₹ 3539.30 /SHARE
  • AARADHYA DISPOSAL INDUSTRIES : LARGE TRADE NSE
  • NARESH KUMAR BANSAL BOUGHT 2.79 LKH SHARES ( 1.97 % STAKE ) @ ₹ 118 /SHARE
  • BHARAT ROAD NETWORK: MD BAJRANG KUMAR CHOUDHARY RESIGNS, TO CONTINUE AS BOARD MEMBER
  • Bajrang Kumar Choudhary resigned as Managing Director effective 16 September 2025 citing personal reasons.
  • He will continue as a Director on the Board to ensure governance continuity.
  • Company yet to announce successor for the MD position.
  • SUZLON, INOX WIND, STERLING & WILSON SOLAR: GOVT MAY RE-BID UP TO 40 GW STRANDED SOLAR AND WIND PROJECTS
  • Re-bidding likely for up to 40 GW renewable energy projects currently stranded, as per CNBCTV18.
  • Government may compensate developers who cut power generation following grid instructions.
  • Solar output continues to decline due to low power demand.
  • TITAGARH RAIL: DELIVERS FIRST DIVING SUPPORT CRAFT TO INDIAN NAVY
  • Company handed over DSC A20, India’s first indigenously built Diving Support Craft under Make in India.
  • This is the first Naval Commissioned Vessel delivered by a private shipyard in Bengal.
  • Shipbuilding division has an order book of over ₹575 crore and capacity to deliver 12–16 vessels annually.
  • INSOLATION ENERGY: INCORPORATES 100% SUBSIDIARY GREEN ORB PRIVATE LIMITED
  • Green Orb Pvt Ltd was incorporated on 17 September 2025 as a wholly-owned subsidiary.
  • It will engage in manufacturing, trading, imports and exports of solar panels, batteries, and renewable products.
  • Insolation Energy holds 100 percent equity, making Green Orb a fully controlled subsidiary.
  • CENTRAL BANK OF INDIA: TO INFUSE ₹64.4 CR IN SUBSIDIARY CENT HOME BANK FINANCE VIA RIGHTS ISSUE
  • Board approved investment of ₹64.40 crore in subsidiary as part of its ₹100 crore rights issue.
  • Infusion will support business expansion, growth, and capital adequacy of Cent Home Bank Finance Ltd.
  • NOIDA TOLL BRIDGE: DISPUTES ₹100.71 CR ADVERTISEMENT LICENSE FEE DEMAND FROM NOIDA AUTHORITY
  • NOIDA Authority issued a demand of ₹100.71 crore for advertisement license fee with a 15-day compliance timeline.
  • Company termed the demand baseless, arguing DND Flyway is a private road under Concession Agreement and not covered by NOIDA Outdoor Advertising Policy.
  • NTBCL plans to challenge the demand legally while continuing normal operations.
  • *FOMC PRESS CONFERENCE* - 18th Sept 2025, 2am SG Time
  • *Fed cuts rate by 25bps point to new range of 4.00% - 4.25%.*
  • - ⁠6 official want no more rate cut in 2025, 9 officials want two more cuts and one official projects five more quarter points cuts this year.
  • - ⁠9 out of the 19 participants indicated just one more cut this year, while 10 saw two more cuts.
  • - ⁠One Fed official didn’t want any rate cut this year including today’s.
  • - ⁠Balance of risk has moved.
  • - ⁠Downside Risk to Unemployment have risen.
  • - ⁠Job gains have slowed, unemployment has edged up.
  • - ⁠Economic activity has moderated.
  • - ⁠Inflation has moved up, somewhat elevated.
  • - ⁠Median projections see two more cuts this year with one cut in 2026 and one in 2027.
  • - ⁠*Massive disagreement amongst Fed officials about cuts this year.*
  • - ⁠2025 GDP projection is up to 1.6% from 1.4%.
  • - ⁠Unemployment rate forecast remains unchanged for 2025 at 4.5%
  • - ⁠5 Fed officials see neutral rate below 3% in 2026.
  • - ⁠Median expectation for 2026 unemployment rate was lower than in June (4.4% from 4.5%).
  • - ⁠Median expectation for core PCE inflation in 2026 rose to 2.6% from 2.4% in June.
  • - ⁠Core inflation rate unchanged at 3% this year
  • *Speech Summary:*
  • * ⁠Job gains have slowed.
  • * ⁠Inflation has risen recently and remains somewhat elevated.
  • * ⁠Recent indicators suggests growth of economic activity has moderated.
  • * ⁠Activity in the housing sector remains weak.
  • * ⁠Marked slowing in both supply of and demand for workers is unusual.
  • * ⁠Higher Tariffs have begun to push up prices in some categories of goods.
  • * ⁠*Strongly committed to maintaining Fed independence*.
  • * ⁠Risks between two goals have moved meaningful towards greater equality.
  • * ⁠What’s happening in the labour market has more to do with immigration rather than tariffs.
  • * ⁠Moderation of growth mainly reflects slowing in consumer spending.
  • * ⁠Pass through of tariffs into inflation had been slower and smaller.
  • * ⁠Disinflation appears to be continuing for services.
  • * ⁠*Fed is certainly open to constructive criticism and ways to do our jobs better.*
  • * ⁠Tariffs are mostly being paid by the companies that sit between exporter and consumers.
  • * ⁠There are no Risk- Free paths now.
  • *Powell had a measured speech trying to balance slowing growth, rising inflation and rising unemployment. With increased disagreements within Fed, it raises concerns that the next few meetings will have some more dissents. This is evident from the enhanced skeweness of the dot plot. It seems from the speech, the next rate cut is also very likely.
Panchkarma