PRE MARKET COMENTRY: NIFTY On the higher side key resistance is placed at 24,150 levels
MUMBAI, 8 SEPTEMBER: NIFTY on the daily chart formed a bearish candle with a lower high and a lower low signaling continuation of the corrective decline. The index in the process closed below the 23,800 levels.
Immediate bias in the index remains down and sustaining below 24,025 levels will open downside towards the key support area of 23,600-23,500 levels being the confluence of the previous major gap area and the low of July 2026.
On the higher side key resistance is placed at 24,150 levels being the confluence of the last week high and 50 days EMA, only a move above the same will signal a pause in the downtrend.
Key observation in the daily chart is that the stochastic and 14 periods RSI has approached oversold territory. Hence, index holding above the support area of 23,600 –23,500, will lead to a pullback towards the 50-day EMA placed around 24,150.
| Intraday Levels for Nifty | Resistance: 23,890 and 23,960 | Support: 23,670 and 23,590 |
BANK NIFTY range bound trade in the range 57,000-58,000 levels in the coming sessions
Bank Nifty formed a bearish candle with a lower high and a lower low signaling continuation of the corrective decline as it approaches the immediate support area of 57,000.
Index in the immediate short term is seen trading in the range of 57,000-58,000 levels. A close below 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.
Overall, 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 extension of range bound trade in the range 57,000-58,000 levels in the coming sessions.
| Intraday Levels for Bank Nifty | Resistance: 57,350 and 57,550 | Support: 56,770 and 56,500 |
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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