Pre- Market Commentary: Nifty: 22776 will open further pullback towards 23000-23100 levels
MUMBAI, 15 OCTOBER: Index has formed a small bearish candle with shadows in either direction signaling consolidation amid stock specific action after previous session strong up move. Nifty started the session on a flat note and then traded in a narrow range in the first half of trade. Index failed to move above last week high 22,776 and witnessed a sharp decline in the midsession to form an intraday low of 22,559, Nifty closed off the low at 22,622 levels.
In the coming sessions a move above last week high of 22,776 will open further pullback towards 23,000-23,100 levels. Failure to move above 22,776 will signal consolidation in the range of 22,300-22,775.
On the higher side Index need to start forming higher high and higher low on a sustained basis in the weekly chart and reclaim 23,100 levels being the recent breakdown area to signal a pause in the last 2 months sharp decline.
| Intraday Levels for Nifty | Resistance: 22,720 and 22,810 | Support: 22,540 and 22,450 |
Bank Nifty: above 55,500-55,700 will signal extension of the pullback towards 56,000 and 56,500
Bank Nifty formed a high wave candle with a higher high and a higher low signaling consolidation amid stock specific action around the 55,500 levels.
Going ahead, a follow through up move above 55,500-55,700 will signal extension of the pullback towards 56,000 and 56,500 levels in the coming sessions being the recent breakdown area.
Failure to move above 55,500 will signal some consolidation in the range of 54,000-55,500 levels in the coming sessions.
Index has key short-term support at 54,000-54,500 being the confluence of the last week low and the key retracement of the previous up move.
| Intraday Levels for Bank Nifty | Resistance: 55,600 and 55,870 | Support: 55,050 and 54,800 |
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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