Pre- Market Commentary: For Nifty low of 22180 will signal extension of decline towards the 22000 / 21743

MUMBAI, 13 OCTOBER: Index has formed a sizable bearish candle which looks like a bearish Dark cloud cover, highlighting selling pressure at higher levels. Nifty started the session on a positive note but failed to sustain at higher levels and gave up its gains to drag sharply lower in the mid-session to close around the 22,350 levels. 

Nifty is currently trading with high volatility in the broad range of 22,180-22,650. Only a breakout or breakdown will signal the next directional movement in the index.

On the downside a breach below April 2026 low and last week low of 22,180 will signal extension of decline towards the 22,000 and CY2025 low of 21743.

On the higher side only a move above 22,600-22,650 will open further pullback towards 22,800 and 23,100 levels.

Bank Nifty: Failure to move above 55,500 will signal some consolidation in the range of 54,000-55,500

Bank Nifty formed a bearish candle which remained enclosed inside previous session price range signaling consolidation with corrective bias around the 55,000 levels.

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)

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