Pre- Market Commentary: Volatility is likely to be high in today’s session on account of the RBI monetary policy outcome
MUMBAI, 7 OCTOBER: Nifty formed a bullish candle with a higher high and a higher low signaling continuation of the pullback for the second session in a row. Index opened on a positive note and gained momentum as the session progressed to close above 22,750 levels.
Volatility is likely to be high in today’s session on account of the RBI monetary policy outcome. Going ahead index holding above Tuesday’s low 22,561 will signal extension of the last two sessions pullback towards 23,000 levels.
On the downside key support area to watch out is placed at 22,400-22,200 being the confluence of April 2026 low, the 200 weeks EMA and long term rising trendline support. A breach below the April low of 22,182 will signal extension of the decline.
Index for a meaningful trend reversal would require forming a sustained Higher High–Higher Low structure in the daily chart and reclaim the 23,000-23,100 level being the confluence of last week high and recent breakdown area.
| Intraday Levels for Nifty | Resistance: 22,880 and 23,000 | Support: 22,560 and 22,450 |
Bank Nifty: key short-term support at 53,500-54,000
Bank Nifty formed a bullish candle which mostly remained contained inside previous session price range signaling consolidation with positive bias as the index gained for the second session in a row ahead of the RBI Monetary policy outcome.
Going ahead, a follow through up move above last three sessions high of 55,200 will signal extension of the pullback towards 55,600 and 56,000 levels in the coming sessions being the recent breakdown area.
Failure to move above last three sessions high will signal some consolidation in the range of 53,500-55,200 levels in the coming sessions.
Index has key short-term support at 53,500-54,000 being the confluence of the last week low and the key retracement of the previous up move.
| Intraday Levels for Bank Nifty | Resistance: 55,500 and 55,880 | Support: 54,800 and 54,400 |
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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