Nifty Technical Outlook
Based on Market Closing on Tuesday, September 24, 2024

In the latest trading session, Nifty closed at 25,940.40, up by 1.35 points or 0.01%. The bullish trend is expected to continue as long as the index stays above the short-term support level of 25,850.

Nifty opened with a negative bias at 25,921.40 and hit an intraday low of 25,886.80 during the morning session. However, the index rebounded, reaching a record high of 26,011.60 before closing at 25,940.40. Sector-wise, metals, IT, auto, and pharma were the top gainers, while PSU banks, FMCG, realty, and private banks underperformed. The market breadth was negative, with 1,186 stocks advancing, 1,453 declining, and 84 remaining unchanged. Among the top gainers in the Nifty index were TATASTEEL, HINDALCO, POWERGRID, and TECHM, while SBILIFE, HINDUNILVR, GRASIM, and ULTRACEMCO were the major losers.

On the technical front, momentum indicators continue to signal a positive trend, with the Nifty holding above both short-term and long-term moving averages. A small white candle formed on the daily chart, indicating strength, as the index closed above the previous session’s high. The Nifty has maintained its position above the short-term support level of 25,850 over the past two sessions, suggesting further bullishness if this level holds. Immediate intraday resistance is seen at 26,000. A breakout above the 26,000 resistance could pave the way for further gains toward 26,400. Conversely, a drop below 25,850 may indicate a potential shift in the ongoing bullish trend.

Intraday Levels Support: 25,900, 25,820, 25,700 Resistance: 26,000, 26,075-26,150 (15-Minute Charts)

Positional Trading  Short-term support: 25,850, 25,350 Resistance: 26,400-27,000

Bank Nifty Technical Outlook
In the previous trading session, Bank Nifty closed at 53,968.60, declining by 137.20 points. Although momentum indicators point to a positive trend, with the index remaining above its short-term and long-term moving averages, the formation of a black candle on the daily chart indicates possible consolidation, as it closed below the previous session's level.

On the upside, Bank Nifty faces intraday resistance at 54,200, and for a bullish trend to resume, it must surpass this level. On the downside, support is at 53,900. A breach below this level could indicate a mildly negative trend for the day.

Intraday Levels  Support: 53,900, 53,700, 53,450 Resistance: 54,200, 54,400, 54,600 (15-Minute Charts)

Positional Trading  Short-term support: 53,400–52,100 Resistance: 54,500–55,600