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Can Nifty 50 and Bank Nifty Extend Their Uptrend After Recent Gains?
M
Moneycontrol•06-10-2026, 08:18
Can Nifty 50 and Bank Nifty Extend Their Uptrend After Recent Gains?
- •Nifty 50 rallied 134 points to close at 22,556 while Bank Nifty rose 263 points to 54,714, supported by buying interest at lower levels.
- •Analysts note that a sustained move above Monday's high of 22,622 could push Nifty toward the 22,800 and 23,000 resistance zones.
- •Bank Nifty needs a strong close above the 55,000–55,200 zone to extend its upmove towards 55,900–56,200.
- •Market experts share mixed strategies, with some advising buying on dips while others view bounces as selling opportunities amid broader trends.
Key Questions Answered
For the Nifty 50, immediate support is expected at 22,400 followed by 22,200, while key resistance levels stand at 22,800 and 23,000. A sustained move above Monday's high of 22,622 could open the path toward the 22,800 level and potentially the 23,000–23,200 zone.
Experts note that Bank Nifty needs a strong close above the 55,000–55,200 zone to extend its upmove towards 55,900–56,200. Analyst Jigar S Patel suggests buying Bank Nifty Futures on dips with a stop-loss at 54,400 and a target of 55,800, as it tests the major support zone of 54,000–54,200.
On October 5, the Nifty 50 rallied 134 points, or 0.6 percent, to close at 22,556. Meanwhile, the Bank Nifty rose 263 points, or 0.48 percent, ending the session at 54,714.
