Nifty & Bank Nifty – Weekend Report – 27.09.2026

NIFTY

Since the first week of September, we discussed that the price should move “minimum” below 23,070. This week, Nifty moved below 23,070 and we expected the support zone to be between 23,015 and 22,880. The low made this week was 23,020 which was very close to the upper end of our expected support zone. 

Though the price reached the beginning of our expected support zone of 23,015–22,880, the pattern still seems incomplete. I am considering two possible patterns and the wave count can be finalized based on how the pattern develops. 

The interesting point is that, irrespective of which pattern develops, the support levels remain unchanged. The important support zone is between 23,015 and 22,850 with particular importance given to the 22,970 level.

The pattern I am expecting is 

       A) Expanded flat (in this case, wave 3 completed at 23116) 

      B) Ending Diagonal or impulse down (in this case, wave 3 or wave 5 could complete               at  the new low of this wave, probably between 23015 – 22850)

A) Expanded flat in wave 4 (wave 3 already completed)

B) Ending Diagonal or an Impulse wave - end of wave 3 or wave 5 (need confirmation)

Remember that, 22,650 – 22,700 is expected after a bounce. So if there is any gap down or fast price action below 22,850, then the price can reach 22,650 – 22,700 in this leg itself. 

Expectation for the next week 

The idea here is that if there is no gap down below our marked levels, we can expect support and a bounce from the 23,015–22,850 zone. The bounce could potentially reach the 23,550–23,600 zone.

BANK NIFTY 

Bank Nifty, we discussed that 55,600 is important level and currently the price is holding that level. Since Nifty can go one or two legs down, bank nifty also can slightly decline and the support can be the lower trendline of the channel and the level is around    55,200 – 55,000. 

If the price bounces from our level, we can expect initially between 56,100 – 56,250 and the next level can be around 56,600.

Any GAP DOWN below our marked levels, then the bounce option can be negated and the correction may continue.

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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