Pre-Market Commentary | Nifty: 23,600 level, corresponding to Tuesday’s high, remains the key hurdle
MUMBAI, 17 SEPTEMBER: NIFTY has formed a High Wave candle following a strong bearish candle, indicating absorption of selling pressure and rejection of lower levels, with the formation suggesting consolidation with stock-specific action. The ongoing consolidation around the 61.8% retracement zone of the previous major rally (22,182–24,774) indicates a potential base formation at lower levels. With daily and weekly oscilators approaching extreme oversold teritorry pullback can not be ruled out.
The index has not yet formed a Higher High–Higher Low structure, keeping the broader sentiment cautious. The 23,600 level, corresponding to Tuesday’s high, remains the key hurdle. A sustained move above 23,600 would signal pause in the current downtrend.
On the downside, 23,116 (almost identical low of Tuesday and Wednesday) remains the immediate support. A breach below this level would signal extension of the corrective move towards 23,000 and 22,800 levels in the coming sessions.
| Intraday Levels for Nifty | Resistance: 23,285 & 23,380 | Support: 23,115 & 23,000 |
BANK NIFTY: On the higher side, 57,000 remains the key hurdle
The index has formed an Inside Bar candle on the daily chart, with price remaining within the previous day’s range, indicating consolidation following the recent sharp correction.
Bank Nifty has reclaimed the 56,000 level, which coincides with the lower band of the broader channel and the lower end of the 11-week trading range of 56,000–58,700.
Despite the stabilisation, the broader structure remains cautious as the index continues to trade below key resistance levels and has yet to establish a sustained Higher High–Higher Low formation.
55,700, the previous week’s low, remains the immediate downside trigger. A decisive breach below this level could extend the corrective move towards 55,200, followed by 54,800.
On the higher side, 57,000 remains the key hurdle. A sustained close above 57,000, accompanied by a Higher High–Higher Low formation on the daily chart, would indicate a potential pause in the prevailing downtrend.
| Intraday Levels for Bank Nifty | Resistance: 56,500 and 56,800 | Support: 56,000 and 55,700 |
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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