Daily Market Quote:12 October 2026

Authored By Prime Research | Published at: Oct 12, 2026 05:07 PM IST

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After witnessing a sustainable bounce back on Friday, Nifty gave away most of the gains on Monday and closed the day lower by 157 points.

A long bear candle was formed on the daily chart that has engulfed the long bull candle of Friday. Technically, this market action indicates lack of strength in the recent bounce back from the support and the market is now poised to revisit the recent swing low of 22180 levels in the short term.

The underlying trend of Nifty continues to be weak. A decisive slide below the crucial area of 22200 could trigger sharp weakness down to 21700 levels in the near term. However, any bounce could find strong overhead resistance around 22600 levels.

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