NIFTY TECHNICAL ANALYSIS

MARKET UPDATE AS OF MONDAY, JANUARY 15, 2024

In the latest trading session, the Nifty achieved a historic high, concluding at 22,097.45, marking a notable gain of 202.90 points or 0.93 percent. Sustaining the current bullish trajectory depends on the Nifty maintaining levels above 22,075.

Commencing at 22,053.20 with a positive bias, the Nifty maintained its upward trend throughout the session, reaching an all-time high of 22,115.60 before settling at 22,097.45. The major contributors to sectoral gains were IT, pharma banks, and financial services, while media and metals experienced losses. Market breadth reflected a positive sentiment, with 1,233 stocks advancing, 1,191 declining, and 90 remaining unchanged. Noteworthy gainers under the Nifty included WIPRO, ONGC, HCLTECH, and INFY, whereas HDFCLIFE, BAJFINANCE, HINDALCO, and BAJAJFINSV faced declines.

From a technical perspective, the Nifty continues to maintain levels above short-term moving averages, with momentum indicators signaling a positive trend. The daily chart reveals the formation of a white candle, closing at a record high, suggesting the potential for further upward movement. Immediate intraday support is identified at the 22,075 level, serving as a critical threshold for the continuation of the bullish trend. The subsequent short-term resistance is anticipated at 22,350 levels.

Intraday Support Levels: 22,075 - 21,975 - 21,900 Resistance Levels: 22,150 - 22,225 - 22,300 (15 Minute Charts)

For positional traders, short-term support levels stand at 21,835 and 21,500, while resistance levels are positioned at 22,350 and 22,750.

BANK NIFTY TECHNICAL ANALYSIS

In the recent trading session, Bank Nifty concluded at 48,158.30, marking a significant gain of 448.50 points. Analyzing the technical aspects, momentum indicators suggest a neutral trend, yet the index closed above both short-term and long-term moving averages. Additionally, a white candle on the daily chart, closing above the previous day's level, indicates positive momentum. The intraday support for the index is identified at the 48,050 level, and the continuation of the upward trend is contingent upon the index remaining above this crucial threshold in the coming days. The nearest short-term resistance is anticipated at 48,650 levels.

For intraday traders, support levels are identified at 48,050, 47,850, and 47,640, while resistance levels are positioned at 48,200, 48,400, and 48,600, as reflected in the 15-minute charts.

Positional traders are advised to monitor short-term support levels at 47,400 and 46,500, with resistance levels positioned at 48,650 and 49,700.