Nifty & Bank Nifty – Weekend Report  06.09.2026

NIFTY 

Nifty ends this week at 23,897, which may be near the end of the (iii)rd or (v)th wave of this decline. Differentiated in the chart with blue and red colour.  

So, in either case, we can expect a bounce first. The price can bounce from the current price or after making another low around 23,700, and if these levels support, the expected bounce can reach initially to the 24,125 zone. And crossing above this zone without completing the pattern, the bounce can reach between 24,250 – 24,370. 

I am currently seeing the structure as corrective, so these bounces can be wave (iv) if the low was (iii) and it can be wave B if the low was (v) – Marked in the chart below. 

 Since this decline can be the start of a correction, any gap down or fast price action below 23,600 can accelerate the correction further and the bounce option can be negated.

BANK NIFTY 

Bank Nifty ends this week at 57,369 and it has been trading completely in a range for more than a month now and the price needs to come out of this range to gain momentum. 

Since there are chances of bounces in Nifty, the price should move above 58,000 for higher levels like 58,600 – 59,000. But if the price moves below 56,550 then the minimum price level can be lower than or equal to 56,000. 

 So, the range is 58,000 and 56,550 in Bank Nifty.

To get the detailed analysis for this week along with broader markets and commodities, watch this video - 

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