NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Tuesday, September 10, 2024

In the latest trading session, Nifty closed at 25,041.10, marking a gain of 104.70 points or 0.42%. The index's positive momentum is expected to persist if it continues to hold above the crucial 25,000 level.

Nifty opened with a positive sentiment at 24,999.40, though it briefly touched an intraday low of 24,896.80 during morning trade. However, the index gradually recovered, reaching an intraday high of 25,130.50 before settling at 25,041.10 by the close. Most sectors closed on a positive note, except PSU Banks and Financial Services. Notably, the Media, IT, Pharma, and Realty sectors were the top performers. Market breadth remained favorable, with 1,708 stocks advancing, 882 declining, and 108 remaining unchanged. The top Nifty gainers included DIVISLAB, LTIM, BHARTIARTL, and WIPRO, while major laggards were HDFCLIFE, SBILIFE, BAJAJFINSV, and SHRIRAMFIN.

From a technical perspective, momentum indicators suggest a neutral trend, but the index remains above both its medium- and long-term moving averages. The formation of a white candle on the daily chart, coupled with the index closing above the previous day's level, indicates continued bullish sentiment. In the short term, Nifty faces resistance at the 25,100 level, while key support lies at 25,000.

The Nifty’s ability to maintain its position above the 25,000 mark is crucial for sustaining the current upward momentum. While the technical indicators remain neutral, the index’s proximity to key support and resistance levels suggests that a break above 25,100 could lead to further gains, with the next target around 25,300. On the flip side, any breach below 25,000 may bring immediate support into play, which traders should monitor closely.

Intraday Levels: Support: 25,000, 24,900, 24,800 Resistance: 25,100, 25,200-25,300 (15-Minute Charts)

Positional Trading Levels: Short-term Support: 24,800 - 24,400 Resistance: 25,350 - 25,850

BANK NIFTY TECHNICAL OUTLOOK

In the previous trading session, Bank Nifty closed at 51,272.30, posting a gain of 154.50 points. Momentum indicators suggest a continuation of the positive trend, as the index remained above its short-term moving averages. Although a small black candle formed on the daily chart, index still managed to close above the previous day's high, signaling a potential continuation of the uptrend.

On the upside, intraday resistance is expected at the 51,400 level, while key support lies at 51,200. If the index successfully moves above 51,400, the positive trend may extend into today's session as well.

Intraday Levels: Support: 51,200, 51,000, 50,800 Resistance: 51,400, 51,600, 51,800 (15-Minute Charts)

Positional Trading Levels: Short-term Support: 50,700 - 49,600 Resistance: 51,750 - 52,775