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Below the Pre-Market Commentary on Nifty & Bank Nifty for 05th October 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking 

Pre- Market Commentary

Nifty

CMP: 22,421.95

Nifty formed a sizable bearish candle with a long lower shadow highlighting intraday volatility. The index maintained lower high and a lower low signaling continuation of the downward bias. Nifty opened on a negative note and dragged sharply lower in the first half of the trade to form an intraday low of 22,217. Index recovered some of the intraday decline in the last hour to close at 22421.95. The index in the process extended its losing streak for the eighth consecutive week.

Immediate bias in the index continues to remain down and a follow through weakness below April low of 22,182 will signal extension of decline towards the 22,000 and CY2025 low of 21743 in the coming week.

However, Important observation in the weekly and daily chart is that the oscillators have approached extreme oversold territory after the recent sharp decline. Hence, holding above the April 2026 low of 22,182 which also coincides with key long-term support of 200 weeks EMA and rising trendline will signal a pullback in the coming week towards 22,750 and 23,000 levels.

Intraday Levels for Nifty

Resistance: 22,580 and 22,690
Support: : 22,300 and 22,180

Bank Nifty

CMP: 54,450.75

Bank Nifty formed a high wave candle with a small real body and long shadows in either direction highlighting intraday volatility. Bank Nifty relatively outperformed and closed the session marginally lower by 0.3% .

Going ahead, a follow through up move above Wednesday and Thursday’s high of 55,135 will signal extension of the pullback towards 55,600 and 56,000 levels in the coming sessions being the recent breakdown area.

Failure to move above Thursday’s high will signal some consolidation in the range of 53,500-55,100 levels in the coming sessions ahead of the RBI monetary policy outcome during next week.

Index has key short-term support at 53,500-53,000 being the confluence of the previous major lows and measuring implication of the recent range breakdown (58,500-56,000).

Intraday Levels for Bank Nifty

Resistance: 54,930 and 55,200
Support: 54,190 and 53,850

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