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Nifty ended at 22420, down 150 points, while for the week, it was up 1.23 percent and formed High Wave kind of candlestick pattern (not exactly one) on the weekly chart.

Nifty opened above 22600, but lost those opening gains within an initial hour itself and traded lower for rest of the day.

Despite mixed global cues, Market started on a positive note but erased all the gains in the initial hours and traded in the negative zone for the rest of the day to close near the day’s high.

Nifty started off May series on a negative note as it closed lower for the first time in last six consecutive sessions, due to selling pressure and formed Dark Cloud Cover kind of candlestick pattern on the daily charts, Bearish reversal pattern.

Hence, 22300, low of previous day’s long bull candle, can act as an immediate support for the index, followed by crucial one at 22000, but in case of rebound, the 22500/22600 is the area to watch as surpassing the same can take the index towards 22800 level.

Nifty failed to sustain above the crucial level of 22500. On the daily chart, a Dark Cloud Cover pattern is observed, indicating a potential bearish reversal.

Immediate Support is situated at 22300, below which Nifty could extend its losses towards 22000. On the other hand, level of 22500 might act as a technical resistance for the Nifty.

Nifty witnessed selling pressure throughout the day. On the daily charts we can observe that the Nifty has faced selling pressure from the resistance zone of 22560/22625. Until this zone is not taken out decisively, we can expect the consolidation to continue.

Downside, crucial support is now placed at 22240/22200 where support parameters in the form of the 40 day moving average and the 50% Fibonacci retracement level of the rise from 21777/22626 is placed.

Nifty remained under selling pressure throughout the session as the index failed to sustain above the crucial level of 22500. A dark cloud cover pattern is observed, indicating a potential bearish reversal.

Immediate support is situated at 22300, below which the Nifty could extend its losses towards 22000. On the other hand, level of 22500 might act as a technical resistance for the Nifty.

Sector Wise :- Except auto, bank, and capital goods, all other indices ended in the green, with oil & gas, healthcare, realty, and media up 0.3-1 percent.

Nifty & Bank Nifty Levels | Mon, October 9, 2023