NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, May 15, 2024

In the last trading session, the Nifty closed at 22,200.55, down 17.30 points or 0.08 percent. The index needs to close above 22,250.00 for a positive trend to emerge.

During the session, the Nifty opened positively at 22,255.60 and reached an intraday high of 22,297.60 in the morning trade. However, the index fell, hitting an intraday low of 22,151.80 before closing at 22,200.55. The sector gainers were PSU banks, realty, metal, and pharma, while the biggest losers were FMCG, media, auto, and banking sectors. Market breadth was positive, with 1,449 stocks rising, 993 falling, and 165 remaining unchanged. The top gainers in the Nifty were COAL INDIA, CIPLA, BPCL, and BHARTIARTL, while the major losers included ASIAN PAINTS, TATAMOTORS, BAJAJ-AUTO, and EICHERMOT.

From a technical standpoint, the Nifty remains below its short-term moving averages, and momentum indicators signal a negative trend. The index formed a small black candle on the daily chart and closed below the previous day's close, indicating a slightly negative bias. The Nifty faces short-term resistance at the 22,250 level. The index needs to close above this level for an uptrend to develop. The nearest intraday support is at 22,170.

Intraday Levels: Support: 22,170, 22,080, 21,975 Resistance: 22,270, 22,355-22,440 (15-Minute Charts)

Positional Trading: Short-term support: 21,750-21,150 Resistance: 22,250-22,800

BANK NIFTY TECHNICAL OUTLOOK

 Based on Market Closing on Wednesday, May 15, 2024

In the preceding trading session, Bank Nifty closed at 47,687.45, registering a loss of 172.00 points. Technically, the momentum indicators signal a negative trend, and the index remains below its short-term moving averages. Additionally, the index formed a black candle on the daily chart and closed below the short-term support level of 47,750, indicating a slightly negative bias. On the downside, the index has trend line support at 47,250. If the index closes below this level, the downtrend may continue in the coming days. Otherwise, the index may consolidate above this level for a few days. For a bullish trend to emerge, the index needs to move above 47,750.

Intraday Levels: Support: 47,540, 47,300, 47,000 Resistance: 47,775, 47,965, 48,200 (15-Minute Charts)

Positional Trading: Short-term support: 46,650-45,700 Resistance: 47,750-48,500