Nifty Technical Outlook

Based on Market Closing on Thursday, October 17, 2024

In the last trading session, Nifty closed at 24,749.85, down by 221.45 points, or -0.89%. The index may continue its downward momentum if it trades and sustains below the short-term support level of 24,750.

The Nifty opened positively at 25,027.40 but lost its upward momentum, gradually declining to an intraday low of 24,728.90 before closing at 24,749.85. Except for IT, all the sectors were closed with a negative bias, with realty, auto, media, and FMCG being the biggest losers. Market breadth was weak, with 611 stocks advancing, 1,980 declining, and 153 remaining unchanged. The top gainers included INFY, TECHM, POWERGRID, and LT, while the biggest losers were BAJAJ-AUTO, SHRIRAMFIN, NESTLEIND, and M&M.

From a technical perspective, momentum indicators continue to signal a negative trend, as Nifty remains below its short and medium-term moving averages. The index formed a black candle on the daily chart and closed just below the key support level of 24,750, suggesting that bearish momentum is likely to persist. If the index trades below 24,750, the downtrend could extend, with the next short-term support at 24,450. On the upside, the nearest intraday resistance is at 24,800, and a break above this level could trigger a pullback rally.

Intraday Levels:  Support: 24,725, 24,650, 24,575 Resistance: 24,800, 24,860, 24,930 (15-Minute Charts)

Positional Trading Levels:  Short-term support: 24,750 – 24,450 Resistance: 25,500 – 26,275

Bank Nifty Technical Outlook

In the previous trading session, Bank Nifty closed at 51,288.80, losing 512.25 points. Momentum indicators point to a continuing negative trend, with the index remaining below its short-term and medium-term moving averages. Additionally, the formation of a black candle on the daily chart, coupled with a close  near the day's low, signals the potential for further downside movement.

On the lower side, Bank Nifty has intraday support at 51,150, while the intraday resistance stands at 51,350. If the index moves below 51,150, the downtrend is expected to persist. For a shift toward a positive trend, the index needs to break above the resistance level of 51,350.

Intraday Levels:  Support: 51,150, 51,000, 50,850 Resistance: 51,350, 51,535, 51,700

Positional Trading Levels: Short-term support: 50,500 – 49,650 Resistance: 52,000 – 53,350