Nifty & Bank Nifty – Weekend Report – 20.09.2026

NIFTY

Nifty closed this week at 23,346. We discussed that if any support or some sort of pause in the decline were to occur, it could come in the 23,150–23,070 zone. Nifty made a low of 23,118 and we saw a mild bounce during the later part of this week. 

We also discussed that the bounce could reach the 23,550–23,600 zone. Our view remains the same, but since the current wave is the 3rd wave, it could extend further. Therefore, we can expect a bounce either from the low of 23,118 itself or after a further decline toward the 23,015–22,880 zone, potentially forming an Ending Diagonal. From there, the bounce could initially reach 23,450 followed by the 23,550–23,600 zone. 

Note: If there is a GAP DOWN below our marked level or an impulse down, the correction may continue and the bounce scenario from the above-mentioned levels would be negated.

Bounce Option After Another Leg Down

Bounce Option from 23,118

So, my view is that even after the bounce, the correction may continue further.

BANK NIFTY

Bank Nifty closed this week at 56,358. Bank Nifty’s pattern is not yet clear, so we need to observe the price action within a range. 

The support level is around 55,600, while the resistance zone is between 56,850–57,150. The price may continue further in the direction of the breakdown below the support or breakout above the resistance.

For a detailed analysis of Nifty, Bank Nifty, broader markets and commodities such as Crude Oil, Gold, Silver and Natural Gas, along with Bitcoin, you can check out

This video-

You can also read my recent blogs here- https://www.magicfibs.com/blog

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