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Trading Plan: Can Nifty and Bank Nifty Sustain Their Recent Rally?
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Moneycontrol•14-10-2026, 08:35
Trading Plan: Can Nifty and Bank Nifty Sustain Their Recent Rally?
- •The Nifty 50 rallied 359 points to close at 22,722, while the Bank Nifty gained 563 points to settle at 55,481, driven by strong global cues and positive comments on taxes.
- •IT stocks surged over 5 percent following robust quarterly results from HCLTech and TCS, acting as a major catalyst for the index recovery.
- •Analysts recommend a buy-on-dips strategy, with Nifty immediate support seen at 22,500-22,600 and resistance near 22,800 to 23,000.
- •Bank Nifty broke out of its consolidation range and crossed above its 20-day EMA, with immediate support placed around the 55,000 level.
Key Questions Answered
If the Nifty 50 defends its immediate support at 22,600, it could advance toward 22,800 and 23,000, while a break below 22,600 exposes it to downside risks with a crucial support zone at 22,300–22,200.
Buying interest was supported by global market strength and positive comments from Finance Minister Nirmala Sitharaman regarding Long-Term Capital Gains tax and Securities Transaction Tax. Additionally, the IT sector surged over 5% on strong quarterly results from HCLTech and TCS.
Bank Nifty needs to hold support levels at 55,400 and 55,100 to prevent selling pressure, whereas overhead resistance is identified at 56,100 and 56,500.
