PRE MARKET COMENTRY: FOR NIFTY on the higher side 23,500-23,600 will act as major resistance

MUMBAI, 25 SEPTEMBER: NIFTY on the daily chart formed a sizable bearish candle with a lower high and a lower low and a bearish gap above its head (23,350-23,281) highlighting downward bias as the index closed below the last week low of 23,116.

Nifty sustaining below Thursday’s gap down area of (23,350-23,281) will keep the bias down and open further downside towards 22,800-22,700 levels in the coming sessions.

On the higher side 23,500-23,600 will act as major resistance being the last week high and the recent breakdown area and the presence of 20 days EMA. The index needs to form a higher high and higher low formation on a sustain basis and reclaim 23,600 to signal a pause in the ongoing downtrend. Key support is placed at 22,700-22,800 levels being the 80% retracement of the previous major up move 22,183-24,774.

BANK NIFTY: On the higher side 56,700-57,000 will act as major resistance

Bank Nifty formed a sizable bearish candle with a lower high and a lower low and a bearish gap above its head (56,210-55,918) highlighting downward bias as the index closed below the support area of 55,700-56,000.

Bank Nifty sustaining below Thursday’s gap down area of (56,210-55,918) will keep the bias down and open further downside towards 54,800-54,500 levels in the coming sessions.

On the higher side 56,700-57,000 will act as major resistance being the last week high and the recent breakdown area and the presence of 20 days EMA. The index needs to form a higher high and higher low formation on a sustain basis and reclaim 57,000 to signal a pause in the ongoing downtrend.

Key support is placed at 54,500-54,000 levels being the confluence of the 80% retracement of the previous major up move 52,784-58,706 and the measuring implication of the recent range breakdown.

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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