Pre-Market Commentary | Intraday Levels for Nifty: Resistance: 23365/23450, Support: 23200/23115

MUMBAI, 18 SEPTEMBER: The NIFTY has formed a bullish candle with a higher high and higher low signaling pullback from extreme oversold territory amid stock specific action.

The ongoing consolidation around the 61.8% retracement zone of the immediate swing (22,182–24,774) indicates a potential base formation at lower levels. With daily and weekly oscillators placed at an extreme oversold territory. Hence, pullback cannot be ruled out in the coming sessions.

Index need to form higher high and higher low on a sustained basis and close above the 23,600 levels being the high of current week and recent breakdown area to 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 Bank Nifty: Resistance: 56,430 and 56,750, Support: 55,850 and 55,600

The index has formed a small negative candle with a long upper shadow which looks like an inverted hammer, indicating selling pressure at higher levels and distribution emerging around the 56,500 zone.

Bank Nifty failed to sustain above 56,500, resulting in consolidation within the 56,000–56,500 range as the index struggles to build sustained upside momentum.

The broader structure remains cautious, with the index continuing to trade below key resistance levels and yet to establish a sustained Higher High–Higher Low formation.  55,700–55,800 remains the immediate support zone, marked by the identical lows of the last two sessions. Holding above this zone is crucial to maintain the current consolidation; a break below 55,700 would resume the broader corrective trend and open downside towards 55,200 and 54,800 levels.

On the higher side, Thursday’s high of 56,570 will acts as an immediate hurdle. A sustained move above this level could trigger a recovery towards the key resistance of 57,000 levels.

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.)