Nifty Technical Outlook
Based on Market Closing on Tuesday, November 26, 2024

Nifty ended the session at 24,194.50, down 27.40 points (-0.11%). The index needs to trade and sustain above 24,150 to maintain its positive momentum. In the previous session, Nifty opened on a positive note at 24,343.30 but gradually declined, touching an intraday low of 24,125.40 before closing slightly lower. Key sectoral gainers included IT, FMCG, media, and metals, while auto, pharma, private banks, and financial services sectors underperformed. Market breadth remained positive, with 1,591 stocks advancing, 1,088 declining, and 101 remaining unchanged. Top gainers were SHRIRAMFIN, BRITANNIA, BEL, and ASIANPAINT, while ADANIENT, ADANIPORTS, BAJAJ-AUTO, and ULTRACEMCO led the losers.

From a technical perspective, momentum indicators suggest a positive trend, as Nifty remains above its long- and short-term moving averages. However, the formation of a small black candle on the daily chart, closing just below the previous day's level, indicates a mildly negative bias. Intraday support lies at 24,150, and resistance is at 24,350. The Nifty's ability to sustain above the 24,150 level will be crucial for maintaining the bullish trend. A breakout above 24,350 could pave the way for further gains toward 24,500 and 25,000. However, a breach below 24,150 may signal weakness and open the possibility of the index filling a previous gap.

Intraday Levels (15-Minute Charts): Support: 24,150, 23,950, 23,765 Resistance: 24,350, 24,500–24,650

Positional Levels: Support: 23,800–23,150 Resistance: 24,500–25,000

Bank Nifty Technical Outlook

In the last session, Bank Nifty closed at 52,191.50, down 16 points. Momentum indicators continue to suggest a positive trend, with the index trading above its short-term and long-term moving averages. However, the formation of a black candle on the daily chart and a close below the previous session's level indicates a mildly negative bias. Immediate short-term resistance lies at 52,400, and a close above this level could resume the uptrend. Otherwise, the index may consolidate below this resistance for a few sessions. The nearest intraday support is at 52,000, and if the index falls below this level, it could test lower levels, potentially filling the gap formed a few days ago.

Intraday Levels (15-Minute Charts): Support: 52,000, 51,700, 51,400 Resistance: 52,300, 52,600, 52,900

Positional Levels: Support: 51,000–49,600 Resistance: 52,400–53,500