Pre-Market Commentary on Nifty & Bank Nifty for 21st August 2026 by Bajaj Broking
Pre- Market Commentary
Nifty
CMP: 24,231.85
Index formed a high wave candle with a higher high and a higher low and a bullish gap below its base (24,172-24,184) highlighting pullback from oversold territory. The index in the process managed to break the last 9 sessions sequence of lower high and lower high and closed above the 50 days EMA signaling a pause in the last two weeks corrective decline.
Going ahead, a follow through strength above Thursday’s high 24,265 will signal extension of the pullback towards 24,400 levels in the coming sessions. While failure to move above Thursday’s high will signal consolidation in the range of 24,000-24,250.
Overall index is expected to extend the recent consolidation and trade in the broad range of 24,000-24,600 in the coming sessions.
The daily stochastic is rebounding from the oversold territory and has generated a buy signal moving above its three periods average thus supports the continuation of the pullback in the coming sessions.
Nifty has short-term support placed at 24,000-23,800 levels being the confluence of the trendline support joining last 4 months lows, previous major gap area and 61.8% retracement of previous up move from 23,606 to 24,774.
Intraday Levels for Nifty
Resistance: 24,320 and 24,400
Support: 24,140 and 24,020
Bank Nifty
CMP: 57,495.90
Bank Nifty formed a doji candle with a long upper shadow signaling selling pressure at higher levels. However, index formed a higher high and a higher low and a bullish gap below its base (57356- 57431) highlighting pullback from the oversold territory.
The broader 8 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 57,500-57,800 levels. Index sustaining below the same will open down side towards 56,500-56,200, being the confluence of 200 days EMA and the lower band of the broader consolidation range.
In the smaller time frame Bank Nifty in the last 13 sessions is seen consolidating in a narrow range retracing just 50% of its previous 7 sessions up move from 56,023 to 58,248. A shallow retracement signals higher base formation.
On the higher side a move above 57,800 will open up side towards 58,200 and 58,700 levels in the coming weeks being the upper band of the recent consolidation.
Intraday Levels for Bank Nifty
Resistance: 57,760 and 58,000
Support: 57,290 and 57,000
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