Pre-Market Commentary: NIFTY has key support placed at 23,600-23,800 levels

MUMBAI, 3 SEPTEMBER: Index on the daily chart formed a small bullish candle with a long lower shadow signaling buying demand at lower levels around 23,800. However, it carries a bearish gap above its head (23,952-23,914) highlighting overall corrective bias.

Nifty started the session with gap down and tested the key support area of 23,800 on opening trade. Buying demand at lower levels saw the index recovered some of its intraday decline to close around 23,900 levels.

On the higher side only a move above current week high and 50 days EMA placed around 24,143 will open pullback towards 24,300-24,350 levels in the coming sessions. Immediate bias in the index remains down with key support placed at 23,600-23,800 levels being the previous major gap area and the low of July 2026.

From a short-term perspective only a move above last two-week highs placed around 24,380 will signal resumption of positive momentum.

BANK NIFTY: above 58,000 levels will signal extension of range bound trade in the range 57,000-58,000

Bank Nifty formed a small bullish candle highlighting consolidation around the 57,000 levels. Index in the immediate short term is seen trading in the range of 57,000-58,000 levels. A close below 57,000 will signal extension of decline towards the key short-term support area of 56,500-56,200 levels being the confluence of the 52 weeks EMA and the lower band of the last 9 weeks range.

Overall the broader 9 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. Index sustaining above 58,000 levels will open upside towards 58,500-58.700 levels. Failure to sustain above 58,000 levels will signal extension of range bound trade in the range 57,000-58,000 levels in the coming sessions.

Pre-Market Commentary by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking 

(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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