Pre-Market Commentary: NIFTY is expected to trade in the broad range of 23,800-24,600 in the coming sessions
AHMEDABAD, 28 AUGUST: NIFTY formed a bearish candle with a lower high and a lower low signaling continuation of the corrective decline for the second session in a row. The index in the process closed below the 50 days EMA.
Nifty started the session on a positive note but failed to move above 24,300 levels and gave up its intraday gains to close sharply lower around the 24,100 levels.
Last two weeks high in the Nifty is placed around 24,378 levels, failure to move above the same will keep the immediate bias corrective with key support placed at 24,000-23,800 levels being the confluence of the trendline support joining last 4 months lows, previous major gap area and 61.8% retracement of previous up move from 23,606 to 24,774.
Overall index is expected to extend the recent consolidation and trade in the broad range of 23,800-24,600 in the coming sessions.
| Intraday Levels for Nifty | Resistance: 24,200 and 24,300 | Support: 24,025 and 23,910 |
Bank Nifty formed a bearish engulfing candle with a higher high and a lower low signaling selling pressure at higher levels.
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. Failure to move above 58,000 levels will signal consolidation in the range 57,000-58,000 levels in the coming sessions. In the smaller time frame Bank Nifty in the last 17 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 signals higher base formation.
| Intraday Levels for Bank Nifty | Resistance: 57,790 and 58,000 | Support: 57,230 and 57,000 |
Pre-Market Commentary BY Bajaj Broking Research
(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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