Pre-Market Commentary on Nifty & Bank Nifty for 19th August 2026 byBajaj Broking
Pre- Market Commentary
Nifty
CMP: 24,154.90
Index formed a bearish candlestick pattern which maintained lower high and a lower low highlighting continuation of the corrective bias. The index in the process closed below the 50 days EMA.
Nifty in the daily chart is forming lower high and lower low in the last 8 sessions, index need to break the sequence and start forming higher high and higher low on a consistent basis to signal pause in the current corrective trend.
Overall index is expected to extend the recent consolidation and trade in the broad range of 24,000-24,600 in the coming sessions.
Index in the last 11 sessions is seen consolidating in a range with a corrective bias, while retracing 50% of its previous 7 sessions sharp up move from 23,606 to 24,774. A shallow retracement of its previous up move highlights a higher base formation.
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 23,606 to 24,774.
Intraday Levels for Nifty
Resistance: 24,270 and 24,360
Support: 24,040 and 23,950
Bank Nifty
CMP: 57,262.40
Bank Nifty formed an inverted hammer like candle which remained contained inside previous session price range signaling consolidation with corrective bias around the 50 days EMA.
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 58,000 levels, a move above the same will open upside towards 58,500-58,700 levels.
In the smaller time frame Bank Nifty in the last 11 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 downside, a decisive break below 57,000 (50 days EMA & rising trendline support) would signal extended corrective move towards the 56,500-56,200, being the confluence of 200 days EMA and the lower band of the broader consolidation range.
Intraday Levels for Bank Nifty
Resistance: 57,540 and 57,760
Support: 57,000 and 56,770
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