NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Friday, July 26, 2024
In the last trading session, the Nifty closed at 24,834.25, up 428.75 points or 1.76 percent. The bullish trend will continue if the Nifty crosses the resistance level 24,870.
The Nifty opened positively at 24,423.30 and maintained this trend throughout the session, testing a record high of 24,861.20 before closing at 24,834.25. Positive sentiment prevailed across all sectors, with the biggest gains seen in the metal, auto, pharma, and IT sectors. The market breadth was positive, with 1,669 stocks rising, 861 falling, and 116 remaining unchanged. Top gainers in the Nifty index included SHRIRAMFIN, DIVISLAB, CIPLA, and BHARTIARTL, while major losers were ONGC and NESTLEIND.
From a technical standpoint, momentum indicators signal a neutral trend. However, the Nifty closed above both the short-term and long-term moving averages. Additionally, the index formed a long white candle on the daily chart and closed at an all-time high, indicating the possibility of a continued bullish trend. The index faces resistance at the 24,870 level; if it surpasses this, the bullish trend is likely to continue. The nearest intraday support is at 24,800.
Intraday Levels: Support: 24,800, 24,700, 24,600 Resistance: 24,900, 25,000-25,100 (15-Minute Charts)
Positional Trading: Short-term Support: 24,200-23,650 Resistance: 24,870-25,500
BANK NIFTY
In the preceding trading session, Bank Nifty closed at 51,295.95, registering a gain of 407.20 points. Technically, momentum indicators signal a negative trend, and the index remains below the short-term moving averages. However, the index formed a long white candle on the daily chart and closed near the day's high. On the higher side, the index has intraday resistance at the 51,500 level. If the index moves above this level, the bullish trend is likely to continue. The nearest intraday support is at 51,200.
Intraday Levels: Support: 51,200, 50,900, 50,600 Resistance: 51,500, 51,800, 52,100 (15-Minute Charts)
Positional Trading: Short-term Support: 50,650-49,300 Resistance: 51,900-53,250
