PRE MARKET COMENTRY: decisive break below 22700 could intensify selling pressure and drag the NIFTY towards 22400
MUMBAI, 29 SEPTEMBER: The Nifty formed a sizeable bearish candle, making a lower high and lower low, indicating continuation of the prevailing downtrend. The index opened on a weak note and slipped below last week’s low of 23,020 in the early trade. It extended its decline through the session and closing below the 22,800 marks.
A decisive break below 22,700 could intensify selling pressure and drag the index towards 22,400, where the trendline joining the major lows of the past two years and the 200-week EMA provide important support.
On the upside, a meaningful trend reversal would require the index to form a sustained Higher High–Higher Low structure and reclaim the 23,000-23,100 level. A sustained move above 23,100 could signal a pause in the ongoing correction and pave the way for an upside move towards the next major resistance zone around 23,400.
| Intraday Levels for Nifty | Resistance: 22,870 and 23,000 | Support: 22,640 and 22,500 |
Bank Nifty: for an upside move towards the next major resistance zone around 55,700
The index has formed a sizeable bearish candle with a lower high and a lower low, indicating continuation of the prevailing downtrend. The index opened on a weak note and slipped below last week’s low of 55,341 in the early trade. It slipped below 55,000 levels in the mid-session and closed below the 54,500 mark.
A follow through weakness could extend the dexline and drag the index towards 53,700-53,500 being the confluence of the previous major lows and measuring implication of the recent range breakdown (58,500-56,000) signaling downside towards 53,500 levels.
On the upside, a meaningful trend reversal would require the index to form a sustained Higher High–Higher Low structure and reclaim the 55,000 level. A sustained move above 55,000 could signal a pause in the ongoing correction and pave the way for an upside move towards the next major resistance zone around 55,700
| Intraday Levels for Bank Nifty | Resistance: 54,750 and 55,000 | Support: 54,100 and 53,650 |
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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