Pre- Market Commentary: FOR NIFTY a move above 22,600 will open further pullback towards 22,800/ 23,100

MUMBAI, 12 OCOTOBER: NIFTY formed a strong bullish candle which remained contained inside previous session price range signaling strong pullback from the April 2026 lows of 22,182. Nifty in the process snapped its eight weeks decline and closed the week marginally higher.

The recent rebound after an eight-week losing streak is encouraging, but the modest weekly gains are not sufficient to confirm a sustained recovery. At this stage, the move appears to be an initial relief rally, and the market needs stronger price action and supportive macroeconomic developments to establish a durable uptrend.

In the coming session only a move above 22,600 will open further pullback towards 22,800 and 23,100 levels. Failure to move above 22,600 will signal corrective consolidation in the range of 22,200-22,600.

Bank Nifty: has key short-term support at 53,500-54,000

Bank Nifty formed a bullish candle with a higher high and a higher low signaling strong pullback after previous session corrective decline. Bank Nifty continue to outperform the Nifty and closed the week near the week’s high of 55,419.30.

Going ahead, a follow through up move above 55,500 will signal extension of the pullback towards 55,900 and 56,500 levels in the coming sessions being the recent breakdown area.

Failure to move above 55,500 will signal some consolidation in the range of 54,000-55,500 levels in the coming sessions.

Index has key short-term support at 53,500-54,000 being the confluence of the last month low and the key retracement of the previous up move

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.)