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Below the Pre-Market Commentary on Nifty & Bank Nifty for 07th October 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Pre- Market Commentary

Nifty

CMP: 22,776.10 

Nifty formed a bullish candle with a higher high and a higher low signaling continuation of the pullback for the second session in a row. Index opened on a positive note and gained momentum as the session progressed to close above 22,750 levels.

Volatility is likely to be high in today's session on account of the RBI monetary policy outcome. Going ahead index holding above Tuesday’s low 22,561 will signal extension of the last two sessions pullback towards 23,000 levels.

On the downside key support area to watch out is placed at 22,400-22,200 being the  confluence of April 2026 low, the 200 weeks EMA and long term rising trendline support. A breach below the April low of 22,182 will signal extension of the decline.

Index for a meaningful trend reversal would require forming a sustained Higher High–Higher Low structure in the daily chart and reclaim the 23,000-23,100 level being the confluence of last week high and recent breakdown area.

Intraday Levels for Nifty

Resistance: 22,880 and 23,000
Support:  22,560 and 22,450

Bank Nifty

CMP: 55,128.40

Bank Nifty formed a bullish candle which mostly remained contained inside previous session price range signaling consolidation with positive bias as the index gained for the second session in a row ahead of the RBI Monetary policy outcome.

Going ahead, a follow through up move above last three sessions high of 55,200 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 last three sessions high will signal some consolidation in the range of 53,500-55,200 levels in the coming sessions.

Index has key short-term support at 53,500-54,000 being the confluence of the last week low and the key retracement of the previous up move.

Intraday Levels for Bank Nifty

Resistance: 55,500 and 55,880
Support: 54,800 and 54,400

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