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Trading Plan: Can Nifty Hold 22,500 and Bank Nifty Reclaim 55,500 Amid Improving Sentiment?
M
Moneycontrol•12-10-2026, 08:25
Trading Plan: Can Nifty Hold 22,500 and Bank Nifty Reclaim 55,500 Amid Improving Sentiment?
- •Market sentiment has improved after rebounding from oversold levels, with Nifty 50 forming a Doji on the weekly chart and a Bullish Harami pattern on the daily chart.
- •Nifty 50 faces immediate support at 22,500 and crucial support at 22,180, while resistance is pegged at 22,600 and 22,800.
- •Bank Nifty needs to surpass its 20-day EMA at 55,500 to extend its rally toward the 56,200 resistance zone.
- •On October 9, Nifty 50 rose 289 points to close at 22,520, and Bank Nifty gained 742 points to end at 55,257.
- •Experts recommend a selective buy-on-dips strategy while maintaining strict stop-losses due to the broader weak technical structure.
Key Questions Answered
The Nifty 50 has immediate support at 22,500, with a crucial support cluster at 22,200–22,180. On the upside, immediate resistance is positioned at 22,600, followed by further resistance zones at 22,800 and the psychological mark of 23,000.
On the weekly chart, the Nifty 50 formed a Doji candlestick alongside a Bullish Harami Cross reversal pattern near the 22,200–22,400 support area. Additionally, a Bullish Harami pattern was recorded on the daily chart following an eight-week losing streak.
Bank Nifty gained 742 points, or 1.36 percent, to end at 55,257 on October 9. To extend its recovery rally towards the 56,200 resistance level, the index needs to move above its 20-day exponential moving average at 55,500.
