Nifty Technical Outlook

Based on Market Closing on Monday, August 26, 2024

In the last trading session, the Nifty closed at 25,010.60, gaining 187.45 points or 0.76%. The positive trend is expected to continue if Nifty surpasses the resistance level of 25,080.

The Nifty began with a positive note at 24,906.10, maintaining this momentum in the morning and reaching an intraday high of 25,043.80. Then the index traded within a narrow range before closing at 25,010.60. Most sectors, except for PSU banks and media, ended positively. Metal, Realty, IT, and Financial Services sectors were the biggest gainers. The market breadth was positive, with 1,301 stocks advancing, 1,282 declining, and 98 remaining unchanged. The top gainers in the Nifty index were HINDALCO, HCLTECH, NTPC, and BAJAJFINSV, while APOLLOHOSP, HEROMOTOCO, ADANIPORTS, and MARUTI were the major losers.

Technically, momentum indicators signal a bullish trend and the Nifty remains above its short-term and long-term moving averages. The formation of a white candle on the daily chart, coupled with a close above the previous day's close, suggests the continuation of the upward trend. The index faces resistance in the 25,080-25,100 area. If Nifty moves above this zone, the bullish momentum is likely to persist. The nearest intraday support is at 24,975.

Intraday Levels: Support: 24,975, 24,900, 24,850 Resistance: 25,050, 25,100-25,175 (15-Minute Charts)

Positional Trading: Short-term Support: 24,475 - 23,900 Resistance: 25,100 - 25,600

Bank Nifty Technical Outlook

In the preceding trading session, Bank Nifty closed at 51,148.10, registering a gain of 214.65 points. From a technical perspective, momentum indicators suggest a positive trend, with the index remaining above its short-term and long-term moving averages. Additionally, the index formed a small white candle on the daily chart, closing just above the key resistance level of 51,000. If the index holds above this level, the bullish trend is likely to continue in the coming days. The nearest intraday resistance is at the 51,300 level.

Intraday Levels: Support: 51,100, 50,850, 50,650 Resistance: 51,300, 51,500, 51,700 (15-Minute Charts)

Positional Trading: Short-term Support: 51,000 - 49,600 Resistance: 52,500 - 53,400