NIFTY TECHNICAL ANALYSIS
Based on Market Closing on Saturday, March 02, 2024
In the latest trading session, the Nifty closed at 22378.40, showing an increase of 39.65 points or 0.18 percent. The positive momentum could extend if the Nifty continues to trade above the 22300 level.
During the trading session, the Nifty initiated at 22406.90, marking a positive start, and reached a peak of 22419.60 in the morning trade before adopting a sideways movement and eventually settling at 22378.40. All sectors closed higher except private banks. Media, metals, realty, and PSU banks emerged as the primary sectoral gainers. The market breadth favored positivity, with 1669 stocks rising, 703 falling, and 177 remaining unchanged. Notably, TATASTEEL, HEROMOTOCO, ADANIPORTS, and TATAMOTORS led the gainers, while M&M, SUNPHARMA, NTPC, and MARUTI experienced significant losses.
From a technical standpoint, the Nifty maintains positions above both short-term and long-term moving averages, while momentum indicators signal a positive trend. The daily chart depicts a small black candle, closing above the previous day's level, indicating a bullish bias. Intraday support is observed at 22300 levels, with a potential for sustained positive momentum above this level. On the higher side, the nifty has intraday resistance at 22400 levels
Intraday Levels: Support: 22300-22200-22100 Resistance: 22400-22500-22600 (15 Minute Charts)
For Positional Traders: Short-term support remains between 22300-21835, with resistance anticipated at 22750-23250.
BANK NIFTY OUTLOOK
During the previous trading session, Bank Nifty concluded at 47297.50, marking a marginal gain of 10.60 points. From a technical perspective, momentum indicators suggest a bullish trend, with the index positioned above both short-term and long-term moving averages. Despite forming a black candle on the daily chart, the index closed above the previous day's closing price, indicating a prevailing positive bias.
In terms of immediate levels, Bank Nifty finds support at 47100 while encountering resistance around 47400. A breach above the 47400 level could sustain the positive momentum in the forthcoming sessions. Conversely, failure to surpass this threshold might result in consolidation below it for a brief period.
For intraday traders, support levels are identified at 47100, 46800, and 46600, whereas resistance levels stand at 47400, 47650, and 47900, as outlined by the 15-minute charts.
Positional traders should focus on monitoring short-term support levels situated between 47000-45300, with resistance projected at 48000.
