Pre-Market Commentary on Nifty & Bank Nifty for 31st August 2026 by Bajaj Broking
Pre- Market Commentary
Nifty
CMP: 24,175.65
Index formed a bullish candle which mostly remained contained inside previous session price range signaling consolidation amid stock specific action.
A move Friday’s high and 50 days EMA placed around 24,190 will open pullback towards 24,300-24,350 levels in the coming sessions. While a breach below weekly low of 24,076 will signal testing of the major support area of 24,000-23,800.
Overall, we expect the index to extend the recent consolidation and trade in the broad range of 23,800-24,600 amid stock specific action. Within the consolidation last two-week highs placed around 24,380 will be the immediate hurdle for the index only a move above the same will signal positive movement. Failure to move above the same will keep the bias corrective.
Nifty has key support 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 from 23,606 to 24,774.
Intraday Levels for Nifty
Resistance: 24,190 and 24,300
Support: 24,020 and 23,900
Bank Nifty
CMP: 57,496.30
Bank Nifty formed a high wave candle with shadows in either direction signaling consolidation around the 50 days EMA.
The broader 9 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. Failure to move above 58,000 levels will signal consolidation in the range 57,000-58,000 levels in the coming sessions
In the smaller time frame Bank Nifty in the last 18 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.
Index has key short-term support at 56,500 levels being the confluence of the 52 weeks EMA and the lower band of the last 9 weeks range.
Intraday Levels for Bank Nifty
Resistance: 57,600 and 57,870
Support: 57,210 and 56,900
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