NIFTY Technical Outlook
Based on Market Closing on Wednesday, June 12, 2024
In the last trading session, the Nifty reached a record high of 23,441.90 but closed at 23,322.95, gaining 58.10 points or 0.25%. To maintain the uptrend, the index needs to close above the short-term resistance level of 23,340.
The Nifty opened at 23,344.40 with a positive bias and hit an intraday high of 23,441.90 in the morning. It gradually declined to an intraday low of 23,295.90, before closing at 23,322.95. The biggest gainers were the media, PSU bank, metal, and financial service sectors, while the FMCG, auto, and realty sectors closed on a negative bias. Market breadth was positive, with 1,676 stocks rising, 825 falling, and 113 remaining unchanged. Top gainers included COALINDIA, POWERGRID, EICHERMOT, and SBILIFE, while major losers were M&M, BRITANNIA, HINDUNILVR, and TATACONSUM.
From a technical perspective, momentum indicators suggest a positive trend. The Nifty remains above its long-term and short-term moving averages. The index formed its third consecutive small black candle on the daily chart and closed just above the previous day's close, indicating possible consolidation. Resistance is at 23,340; a close above this level will continue the bullish trend, while failure to do so may lead to consolidation. The nearest intraday support is at 23,200.
Intraday Levels: Support: 23,200, 23,050, 22,900 Resistance: 23,400, 23,550-23,700 (15-Minute Charts)
Positional Trading: Short-term Support: 22,800-22,400 Resistance: 23,340-23,800
Bank Nifty Technical Outlook
In the preceding trading session, Bank Nifty closed at 49,895.10, registering a gain of 189.35 points. Technically, momentum indicators signal a positive trend, and the index remains above its medium-term and short-term moving averages. However, the index formed a Doji candle on the daily chart and closed just above the previous day's close, indicating possible consolidation. Short-term support for the index lies at 49,500. If the index remains above this level, the consolidation may continue for a few more days. The nearest short-term resistance is at 50,100; a close above this level is needed to resume the uptrend.
Intraday Levels: Support: 49,600, 49,100, 48,655 Resistance: 50,100, 50,500, 50,900 (15-Minute Charts)
Positional Trading: Short-term Support: 49,500-48,000 Resistance: 51,000-52,300
