NIFTY TECHNICAL ANALYSIS
Based on Market Closing on Wednesday, March 13, 2024
In the latest trading session, the Nifty concluded at 21997.70, marking a decline of -338.00 points or -1.51 percent. A sustained bearish outlook is probable if the Nifty remains below the crucial 22000 level.
In the last trading session, the Nifty opened at 22432.20 level on a positive note and tested the intraday high of 22446.80 in the morning trade. Then the index witnessed a sharp decline, plunging to an intraday low of 21905.90 before closing at 21997.70. Except for FMCG, all sectors closed with a negative bias. Metal, media, realty, and PSU banks suffered the most significant losses. Market breadth favored the bears, with 147 stocks gaining, 2334 declining, and 79 remaining unchanged. Top gainers included ITC, ICICIBANK, KOTAKBANK, and CIPLAI, whereas POWERGRID, COALINDIA, ADANIPORTS, and ADANIENT were among the major losers.
Technically, the Nifty concluded below short-term moving averages, with momentum indicators signaling a negative trend. Notably, a long black candle formed on the daily chart following the previous day's Doji candle, indicating a shift in momentum in favor of the bears. The index faces intraday resistance at 22000, and sustained trading below this level could extend the downtrend in the forthcoming sessions. The nearest short-term support rests at 21850.
Intraday Levels: Support - 21900, 21800, 21700 Resistance - 22000, 22100, 22200 (15-Minute Charts)
Positional Trading: Short-term Support - 21850-21200 Resistance - 22500-23000
BANK NIFTY TECHNICAL ANALYSIS
In the previous trading session, Bank Nifty closed at 46981.30, marking a loss of -301.10 points. Technically, momentum indicators suggest a positive trend, but the index remains below short-term moving averages. Furthermore, a black candle formed on the daily chart, closing below the previous support of 47000, indicating the potential continuation of the downtrend. Should the index persist below the 47000 level, the downtrend could extend further. The next short-term support rests at the 46000 level.
For intraday traders, support levels are identified at 46800, 46600, and 46400, while resistance levels can be observed at 47000, 47200, and 47400, as indicated by the 15-minute charts.
Positional traders are advised to monitor short-term support levels at 46000-44500, with resistance at 47000-48500.
