Pre- Market Commentary: Nifty is expected to open a gap up in today’s session
MUMBAI, 11 NOVEMBER: NIFTY formed a small bearish candle with a long lower shadow signaling consolidation amid stock specific action as the Nifty consolidated around the 25,000 levels.
As mentioned in earlier edition key observation on the weekly chart is that the index has completely retraced its 9 weeks decline from 24,774 to 22,179 in just 5 weeks. A faster retracement of the previous major decline in almost half the time interval signals strength and opens further upside in the coming weeks towards 25,400 and 25,800 levels.
Nifty is expected to open a gap up in today’s session. Index sustaining above 25,250 will open upside towards 25,400 levels. While immediate support to watch out is placed at the 24,750-24,850 levels being the confluence of Monday’s low and last week breakout area.
The short-term support in Nifty is revised higher towards 24,000-24,300. Index holding above the same will keep the overall bias positive and dips should be used as a buying opportunity.
| Intraday Levels for Nifty | Resistance: 25,360 and 25,450 | Support: 25,000 and 24,890 |
Bank Nifty: Immediate support is placed at 58,500-58,000 levels
Bank Nifty on Monday’s session has formed a strong bullish candle which maintained a higher high and a higher low signalling extension of the positive momentum. The index started the session on a strong note and gained momentum as the session progressed to close at the high point of the day above the 59,700 levels.
Index on Friday session has generated a breakout above the last 4 months broad range of 58,000-54,000 signalling strength and opens upside towards 61,000-61,800 levels in the coming weeks being the previous major highs.
Only a formation of lower high and lower low in the daily chart and a close below 59,000 levels will signal a pause in the current strong rally. Immediate support is placed at 58,500-58,000 levels being Friday’s breakout area.
Short term support is revised higher towards 56,5500-57,000 levels being the confluence of the key retracement of current rally and last week gap area and 200 days EMA.
| Bank Nifty Intraday Levels | Resistance: 60,470 and 60,800 | Support: 59,650 and 59,400 |
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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