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Published on 16-09-2026 12:35 pm

HIGH RISK HIGH VOLATILE: BUY BANK NIFTY 56200 CALL SEPT AB OVE 766.75 SL BELOW 870 TGT 795-848-910. 29 SEPT

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Published on 16-09-2026 10:37 am

Nifty

Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low . Nifty closed at 23119 with a loss of 280 points . On the daily chart the index has formed a sizable Bearish candle which has totally Engulfed its previous day's move and closed below it. The chart pattern suggests that if Nifty breaks and sustains below 23100 level it would witness selling which would lead the index towards 23000 - 22900 levels . However, if index crosses above 23350 level it would witness pullback rally which would take the index towards 23500 - 23600 .

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Published on 16-09-2026 10:36 am

Nifty

Nifty formed an Outside Bar candlestick formation near the broadening-pattern support, indicating a potential attempt to stabilise. However, the index continues to trend below its 5-DEMA, which now acts as immediate pullback resistance around 23400, followed by 23600 as the pattern resistance. A sustained reclaim of these levels would be essential to revive hopes of a meaningful rebound. The Nifty PCR at 0.97 indicates an oversold condition, offering scope for a technical rebound if key resistance levels are reclaimed. Nevertheless, the index remains below the crucial 23550 zone, keeping the near-term trend under pressure. For the week, 23800 remains the major resistance. A decisive move above this level could define the next bullish leg and pave the way towards 24040–24050 (50-DEMA), where a sustained breakout would provide a major trigger for an impulse-based reversal. On the downside, 23290–23000 remains the key support zone. A decisive break below 23290 could extend the decline towards 23000 or lower. In the near term, 23700 remains the potential short-covering trigger, which could push Nifty towards 23800–24000. Until Nifty decisively reclaims 24050, traders should favour stock-specific opportunities with disciplined risk management.

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Published on 16-09-2026 10:35 am

BANK NIFTY

* The banking index witnessed pronounced selling pressure after two consecutive sessions of strength, despite reclaiming key long-term EMAs, but failing to sustain above them.

* Following a positive opening, persistent profit booking dominated the session, with no meaningful intraday recovery evident.

* Except HDFC Bank, all major banking constituents faced selling pressure and closed lower.

* Near-term resistance placed around 56,600 and crucial support at 55,000 overall levels.

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Published on 16-09-2026 10:34 am

NIFTY

* Nifty remained volatile on Tuesday and declined by over 1%, extending the prevailing corrective phase.

* The market is now in the sixth week of correction, with the Nifty approaching its next critical support zone of 23,000–23,100.

* A decisive break below this band could accelerate the decline towards 22,400–22,500.

* On the upside, 23,400–23,600 is likely to act as the key resistance zone.

* Participants should prefer hedged index positions and consider booking partial profits in broader-market holdings, which had outperformed for some time.

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