Pre- Market Commentary: NIFTY: Key short-term resistance is placed at 23,175-23,200 levels
MUMBAI, 30 OCTOBER: Nifty formed a strong bullish candle with a higher high and a higher low signaling extension of pullback after two sessions of consolidation. Nifty started the session on a flat note and thereafter gain momentum as the session progressed. It moved above Tuesday’s high of 22,829 in the midsession and accelerated gains in the second half to close around the day’s high at 22,936.
Nifty in the process closed above the 20 days EMA and the 61.8% retracement of the previous week decline from 23,175 to 22,372 highlighting extension of the pullback.
Going ahead in the coming session a follow through strength will open further upside towards 23,150 levels. Failure to do so will lead to consolidation in the range of 22,650-22,950.
Key short-term resistance is placed at 23,175-23,200 levels being the confluence of the 50 days EMA and the last week high, index overall short-term bias remains down below the same.
| Intraday Levels for Nifty | Resistance: 23,020 and 23,130 | Support: 22,820 and 22,700 |
Bank Nifty: 53,200-53,000 being the confluence of the trendline support
Bank Nifty formed a second consecutive bullish candle with a higher high and a higher low signaling extension of the pullback from the last week low. Index started the session on a flat note and then gain momentum as the session progressed. It moved above Tuesday’s high of 54,654 in the midsession and accelerated gains in the second half to close around the day’s high at 54,909 levels.
On immediate basis index sustaining above 54,600 will signal extension of the pullback towards 55,500 levels in the coming sessions being the 80% retracement of the recent decline 56,065-53,626.
Weakness below 54,000 will signal decline towards key short-term support at 53,200-53,000 being the confluence of the trendline support joining previous major lows and key retracement of the previous major up move.
| Bank Nifty Intraday Levels | Resistance: 55,270 and 55,500 | Support: 54,650 and 54,470 |
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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