NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Tuesday, April 16, 2024

In the recent trading session, the Nifty concluded at 22147.90, marking a decline of -124.60 points or -0.56 percent. The downward trend could persist if the Nifty maintains trading below the intraday support level of 22100.

During the session, the Nifty commenced at the 2213.80 level with a negative tone, reaching an intraday low of 22079.40. However, it rebounded in the closing hours to settle at 22147.90. Sectors like media, FMCG, pharma, and auto exhibited positive performance, while IT, banks, metal, and realty faced notable declines. The market breadth leaned towards negativity, with 1017 stocks rising, 1442 falling, and 136 unchanged. Notable gainers within the Nifty included EICHERMOT, DIVISLAB, TITAN, and HINDUNILVR, while major losers encompassed INFY, INDUSINDBK, LTIM, and WIPRO.

From a technical perspective, the Nifty concluded beneath short-term and medium-term moving averages, with momentum indicators signaling a negative trend. Despite forming a small white candle on the daily chart, it closed below the prior day's low, indicating a prevailing bearish momentum. In terms of support, the index finds a significant level at 22100, a breach of which may extend the downtrend. To initiate a potential rebound, the index must surpass the intraday resistance at 22200.

Intraday Levels: Support - 22100, 22000, 21900 Resistance - 22200, 22300, 22400 (15-Minute Charts)

Positional Trading: Short-term support - 21850-21200 Resistance - 22500- 23000.

BANK NIFTY

 In the previous trading session, Bank Nifty closed at 47484.80, marking a loss of -288.45 points. Technically, momentum indicators are signaling a positive trend, yet the index remains below its short-term moving averages. Additionally, despite forming a small white candle on the daily chart, it closed below the previous day's close.

On the downside, the index finds intraday support at the 47400 level. A sustained trade below this level could prolong the downtrend. The subsequent short-term support is positioned at the 47000 level, while the nearest intraday resistance stands at 47600. To trigger a pullback rally, the index must overcome this resistance level.

For intraday traders, support levels are identified at 47400, 47200, and 47000, while resistance levels are observed at 47600, 47800, and 48070, as per the 15-minute charts.

Positional traders are advised to monitor short-term support levels at 47000-46000, with resistance noted at 48500-49500.