PRE MARKET COMENTRY: NIFTY will signal some consolidation in the range of 23,230-23,500

MUMBAI, 15 SEPTEMBER: NIFTY on the daily chart formed a bullish candle with a lower high and a lower low. The index opened lower and formed an intraday low of 23,231 in opening trade. Nifty recovered more than 150 points from the day low to close the session marginally lower around the 23,400 levels.

Going ahead, strength above 23,500 will signal pullback towards 23,650 levels in the coming sessions. Failure to do so will signal some consolidation in the range of 23,230-23,500.

Immediate bias in the index remains down and a follow-through weakness below last week low 23,231 will open downside towards the short-term support placed around the June low of 23,070 levels in coming week. 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.

Any pullback attempt will face immediate resistance at Wednesday’s gap down area of 23,650. While stiff resistance is placed around 23,800-24,000 levels being the recent breakdown area and 20 days EMA.

BANK NIFTY: close above 57,000 levels will signal a pause in the current down trend

Bank Nifty on the daily chart formed a sizable bullish candle with a higher high and a lower low signaling strong buying demand at lower levels near the lower band of the last 11 weeks range.

Index is currently placed around the lower band of the last 11-week range 56,000-58,700. A breach and close below the 56,000 levels will signal extension of the corrective decline towards 55,300 and 54,800 levels in the coming week.

Immediate bias in the index remains down below 57,000 levels and only a formation of higher high and higher low on a sustained basis in the daily chart and a close above 57,000 levels will signal a pause in the current down trend. A move above 57,000 levels will open pullback towards 57,500 and 57,800 levels in the coming sessions.

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)

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