TECHNICAL TALK: Intraday Levels for Nifty: Resistance: 24,430 and 24,500, Support: 24,250 and 24,160

AHMEDABAD, 17 AUGUST: NIFTY formed a doji candle with a lower high and a lower low signaling consolidation with a corrective bias around the 20 days EMA. Nifty is forming lower high and lower low in the last 6 sessions, index need to break the sequence and start forming higher high and higher low in the daily chart to signal resumption of the up move.

Index in the last 9 sessions is seen consolidating in a narrow range retracing just 38.2% of its previous 7 sessions sharp up move from 23,606 to 24,774. A shallow retracement of its previous up move highlights a higher base formation. We believe the current breather should be used to accumulate quality stocks.

Going ahead, we expect the index to extend the recent consolidation and trade in the range of 24,200-24,700. Index has immediate support at 24,200 levels being the confluence of 100 and 50-day EMA. While key short-term support is placed at 24,000-23,800 being trendline support joining last 4 months lows and 61.8% retracement of previous up move 23,606 to 24,774.

Intraday Levels for Nifty: Resistance: 24,430 and 24,500, Support: 24,250 and 24,160

 Intraday Levels for Bank Nifty: Resistance: 57,730 and 58,000, Support: 57,230 and 57,000

Bank Nifty formed a small bearish candle for the second session in a row as price action in the last two sessions remain enclosed inside Wednesday price range signaling consolidation with corrective bias around the 20 days EMA. The broader 8 weeks consolidation range remains intact between 56,500 and 58,700. We expect the index to extend the current consolidation and only a breakout or breakdown will signal a directional momentum. Within the consolidation index is facing resistance around 58,000 levels, a move above the same will open upside towards 58,500-58,700 levels while failure to move above 58,000 will lead to consolidation in the broad range of 57,000-58,000.

In the smaller time frame Bank Nifty in the last 9 sessions is seen consolidating in a narrow range retracing just 50% of its previous 7 sessions up move from 56,023 to 58,248. A shallow retracement of its previous up move highlights a higher base formation. We believe the current breather should be used to accumulate quality banking stocks.

On the downside, a decisive break below 57,000 (50 days EMA & rising trendline support) would signal extended corrective move towards the 56,500, which forms the lower band of the broader consolidation channel.

Intraday Levels for Bank Nifty: Resistance: 57,730 and 58,000, Support: 57,230 and 57,000

REPORT BY: Bajaj Broking Pre-Market Commentary | Nifty & Bank Nifty for 17^th August 2026

(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)

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