PRE MARKET COMENTRY: identical high of 22,621 will open further pullback towards 22,750 and 23,000 levels
MUMBAI, 6 OCTOBER: Nifty formed a high wave candle with small real body and long shadows in either direction highlighting intraday volatility. Nifty started the session on a positive note and formed an intraday high of 22,621 in the first hour of trade. However, selling pressure at higher levels saw the index gave up its gains in the midsession. Nifty rebounded in the second half of trade to close around 22,550 levels.
Going ahead, strength above last two sessions almost identical high of 22,621 will open further pullback towards 22,750 and 23,000 levels in the coming sessions. Failure, to move above last two sessions high will signal consolidation in the range of 22,200-22,620 ahead of the RBI monetary policy outcome.
On the downside a breach below April 2026 low of 22,182 will signal extension of decline towards the 22,000 and CY2025 low of 21743.
Index for a meaningful trend reversal would require forming a sustained Higher High–Higher Low structure and reclaim the 23,000-23,100 level.
| Intraday Levels for Nifty | Resistance: 22,620 and 22,750 | Support: 22,400 and 22,290 |
Bank Nifty: Monday’s high of 55,200 will signal extension of the pullback towards 55,600 and 56,000
Bank Nifty formed a second consecutive high wave candle with a small real body and long shadows in either direction highlighting intraday volatility. Bank Nifty closed the session marginally higher by 0.5%.
Going ahead, a follow through up move above Monday’s 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 Thursday’s high will signal some consolidation in the range of 53,500-55,200 levels in the coming sessions ahead of the RBI monetary policy outcome during next week.
Index has key short-term support at 53,500-53,000 being the confluence of the previous major lows and measuring implication of the recent range breakdown (58,500-56,000).
| Intraday Levels for Bank Nifty | Resistance: 55,000 and 55,200 | Support: 54,370 and 54,100 |
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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