Pre-Market Commentary | NIFTY will face stiff resistance around 24,000-24,050 levels

MIMBAI, 9 SEPTEMBER: NIFTY on the daily chart formed a second consecutive bearish candle with a lower high and a lower low signaling continuation of the corrective decline with the Nifty almost testing the July low of 23,606. Immediate bias in the index continues to remain down and only a formation of higher high and higher low on a sustained basis in the daily chart will signal a pause in the current down trend.

Nifty has approached the key support area of 23,600-23,500 levels being the confluence of the previous major gap area and the low of July 2026. Failure to hold above the support area will signal extension of the last four weeks decline towards 23,300 levels in the coming weeks.

Pullback attempt from the current oversold teritorry will face stiff resistance around 24,000-24,050 levels being the recent breakdown area and 20 days EMA. Support area is likely to revese its role and act as resistance in short term.

BANK NIFTY sustaining below 57,000 will signal extension of decline

Bank Nifty formed a second consecutive bearish candle with a lower high and a lower low signaling continuation of the corrective decline. Index in the process closed below the immediate support area of 57,000.

Index sustaining 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.

Immediate bias in the index continues to remain down and only a formation of higher high and higher low on a sustained basis in the daily chart will signal a pause in the down trend. A move above 57,000 will lead to consolidation in the range of 57,000-58,000.

Report 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)

(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ/ ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો. વધુમાં અત્રે પ્રગટ થયેલા કોઇપણ સમાચાર કે વિગતો સાથે businessgujarat.in અંશતઃ કે સંપુર્સણપણે સહમત નથી.)