NIFTY: move above 24190 will open pullback towards 24300-24350 levels
MUMBAI, 2 SEPTEMBER: NIFTY on the daily chart formed a high wave candle with small real body and long shadows in either direction highlighting intraday volatility and consolidation around the 24,000 levels. Index on Tuesday’s session again tested the 24,000 levels, going ahead sustaining below the 24,000 level will signal further correction towards the lower band of the range placed at 23,800 levels. On the higher only a move above 50 days EMA placed around 24,190 will open pullback towards 24,300-24,350 levels in the coming sessions.
Immediate bias in the index remain down with key support placed at 23,600-23,800 levels being the previous major gap area and the low of July 2026.
From a short term prospective only a move above last two-week highs placed around 24,380 will signal resumption of positive momentum.
| Intraday Levels for Nifty | Resistance: 24,100 and 24,190 | Support: 23,910 and 23,800 |
Bank Nifty formed a high wave candle with small real body and long shadows in either direction signaling consolidation around the 50 days EMA. The broader 9 weeks consolidation range remains intact between 56,500 and 58,700. We expect the index to extend the current consolidation and only a breakout or breakdown will signal a directional momentum.
Within the consolidation index is facing resistance around 58,000 levels. Index sustaining above 58,000 levels will open upside towards 58,500-58.700 levels. Failure to sustain above 58,000 levels will signal consolidation in the range 57,000-58,000 levels in the coming sessions On the lower side a breach below immediate support of 57,000 will signal extension of decline towards the key short-term support area of 56,500-56,200 levels being the confluence of the 52 weeks EMA and the lower band of the last 9 weeks range.
| Intraday Levels for Bank Nifty | Resistance: 57,500 and 57,730 | Support: 57,000 and 56,730 |
Pre-Market Commentary 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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