Pre-Market Commentary on Nifty & Bank Nifty for 19th October 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking
Below the Pre-Market Commentary on Nifty & Bank Nifty for 19th October 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking
Pre- Market Commentary
Nifty
CMP: 23,146.15
Index formed a bullish candle with a long lower shadow which maintained higher high and a higher low signaling continuation of the pullback. Index in the process closed above the 23,100 levels.
Nifty has rallied over 950 points in the past two weeks, marking its strongest pullback since the August 2026 peak of 24,774. The formation of a strong bullish candle, accompanied by a higher high and higher low on the weekly chart for the first time in nine weeks, along with a weekly close above the previous breakdown zone of 23,070, signals a potential pause in two-month corrective phase and indicates improving price momentum.
Going ahead, sustained buying momentum in the coming weeks could extend the ongoing pullback towards 23,500 being the 50% Fibonacci retracement levels of the previous decline from 24,774 to 22,180. Conversely, failure to sustain momentum above last week’s high could lead to consolidation within the 22,500–23,150 range. The near-term recovery trend is likely to remain intact as long as the index holds above 22,500 support level.
Intraday Levels for Nifty
Resistance: 23,270 and 23,390
Support: 23,020 and 22,910
Bank Nifty
CMP: 55,844,00
Bank Nifty formed a high wave candle in the daily chart which remained contained inside previous session price range signaling consolidation amid stock specific action ahead of the major private bank quarterly results.
Going ahead, a decisive breakout and sustained move above Thursday’s high of 56,065, could extend the upside towards 56,500 and 56,900 levels being the 50% and 61.8% retracement of the entire decline 58,706 to 53785 . However, failure to sustain above this level may lead to consolidation in the 54,500–56,000 range.
On the weekly chart, Bank Nifty is negating its lower high and lower low structure and is trading above the previous week’s high, keeping the broader recovery intact. A sustained breakout above the crucial resistance zone of 56,000–56,065 would strengthen the bullish bias and open the door for further upside.
Index has key short-term support at 54,000-54,500 being the confluence of the recent low and the key retracement of the previous up move.
Intraday Levels for Bank Nifty
Resistance: 56,100 and 56,430
Support: 55,520 and 55,200
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