NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Monday, March 17, 2025

The Nifty closed at 22,508.75, gaining 111.55 points (0.50%) in the previous session. The positive trend is expected to continue as long as the index remains above the intraday support level of 22,450.

Nifty opened with a negative bias at 22,353.20, but witnessed a sharp rally, reaching an intraday high of 22,577 during morning trade. The index then consolidated above 22,450 before closing at 22,508.75. Pharma, financial services, private banks, and auto were the top-performing sectors, while media, realty, PSU banks, and FMCG lagged. Market breadth remained weak, with 949 stocks advancing, 1,832 declining, and 104 unchanged. Among Nifty stocks, Dr. Reddy’s, Bajaj Finserv, SBI Life, and Trent were the top gainers, while Wipro, BPCL, Britannia, and Hero MotoCorp were the biggest losers.

Technically, momentum indicators suggest a positive trend, with the index closing above its short-term moving averages. Additionally, Nifty formed a white candle on the daily chart, closing higher than the previous session, which reinforces a positive bias. The nearest intraday support is at 22,450, and as long as the index sustains above this level, the uptrend can continue. The immediate intraday resistance is at 22,530.

Over the past few sessions, Nifty has been consolidating within a range of 22,320–22,680. A breakout beyond this range is necessary for a decisive directional move, with technical indicators signaling a higher probability of an upside breakout above 22,680 in the coming days.

Key Levels to Watch: Intraday Support: 22,450, 22,380, 22,320 Intraday Resistance: 22,530, 22,600–22,675 (Based on 15-Minute Charts)

Positional Trading: Short-term Support: 22,320–21,950 Resistance: 22,680–23,300

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, Bank Nifty closed at 48,354.15, gaining 293.75 points. The technical indicators suggest a positive trend, with the index closing above its short-term moving averages. Additionally, Bank Nifty formed a white candle on the daily chart, closing higher than the previous session, which reinforces a bullish bias.

On the downside, intraday support is at 48,300. As long as the index remains above this level, the positive momentum is likely to continue. The nearest intraday resistance is at 48,500, and for a strong uptrend confirmation, the index needs to close above 48,750.

Key Levels to Watch: Intraday Support: 48,300, 48,100, 47,900 Intraday Resistance: 48,500, 48,700, 48,900 (Based on 15-Minute Charts)

Positional Trading: Short-term Support: 47,750–47,000 Resistance: 48,750–50,000