PRE MARKET COMENTRY: NIFTY may trade in the broad range of 23,115-23,650 in the coming sessions
MUMBAI, 24 SEPTEMBER: NIFTY on the daily chart formed a bullish candle which remained enclosed inside previous session price range signaling consolidation amid stock specific action as Nifty is seen rebounding from the extreme oversold territory. Nifty is likely to extend its recent consolidation and trade in the broad range of 23,115-23,650 in the coming sessions.
On the higher side 23,600-23,650 will act as major resistance being the last week high and the recent breakdown area. The index needs to sustain a higher high and higher low formation and reclaim 23,650 to signal a pause in the ongoing downtrend. On the downside, a breach below Tuesday low of 23,285 will open downside towards last week low of 23,116 levels.
| Intraday Levels for Nifty | Resistance: 23,490 and 23,560 | Support: 23,280 and 23,200 |
BANK NIFTY is likely to trade in the broad range of 55,700-57,000
Bank Nifty formed a bullish candle which remained enclosed inside previous session price range signaling consolidation amid stock specific action. Index in the last 6 sessions has been consolidating within last Tuesday sizable bearish candle highlighting consolidation after recent sharp decline.
Bank Nifty is sustaining above the 56,000 level, which coincides with the lower band of the last 12-week trading range of 56,000–58,700. Despite the stabilisation, the broader structure remains cautious as the index continues to trade below key resistance level of 57,000 and has yet to establish a sustained Higher High–Higher Low formation on weekly chart.
Bank Nifty is likely to extend its recent consolidation and trade in the broad range of 55,700-57,000. A sustained close above 57,000, accompanied by a Higher High–Higher Low formation on the daily chart, would indicate a potential pause in the prevailing downtrend.
Immediate support is placed at 56,000-55,700 levels being the almost identical low of the last 2 weeks lows. A decisive breach below this level could extend the corrective move towards 55,200, followed by 54,800.
| Intraday Levels for Bank Nifty | Resistance: 56,700 and 56,930 | Support: 56,100 and 55,900 |
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)
(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ/ ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો. વધુમાં અત્રે પ્રગટ થયેલા કોઇપણ સમાચાર કે વિગતો સાથે businessgujarat.in અંશતઃ કે સંપુર્સણપણે સહમત નથી.)
