NIFTY Technical Outlook

Based on Market Closing on Thursday, May 15, 2024

In the last trading session, the Nifty closed at 22,403.85, up 203.30 points or 0.92 percent. To sustain the positive trend, the index needs to surpass the resistance level of 22,450.

During the session, the Nifty opened at 22,319.20 on a positive note. It initially dipped to an intraday low of 22,054.60 before rising to test an intraday high of 22,432.30, and ultimately closing at 22,403.85. All sectors except PSU Bank closed on a positive note. The biggest gainers were IT, realty, media, and financial services. Market breadth was positive, with 1,386 stocks rising, 1,071 falling, and 151 remaining unchanged. The top gainers in the Nifty were M&M, TATACONSUM, BHARTIARTL, and TECHM, while the major losers included MARUTI, TATAMOTORS, SBIN, and BPCL.

From a technical standpoint, the Nifty closed above both its short-term and long-term moving averages. Momentum indicators signal a neutral trend. But the index formed a white candle on the daily chart and closed above the previous resistance of 22,250. The long lower shadow of the candle indicates buying interest emerged near the support zone. On the higher side, the Nifty faces intraday resistance at the 22,450 level. For the uptrend to continue, the index needs to surpass this level. The nearest intraday support is at 22,300.

Intraday Levels:  Support: 22,300, 22,200, 22,065 Resistance: 22,450, 22,550-22,650 (15-Minute Charts)

Positional Trading: Short-term support: 22,250-21,750 Resistance: 22,800-23,300

BANK NIFTY Technical Outlook

In the preceding trading session, Bank Nifty closed at 47,977.05, registering a gain of 289.60 points. Technically, momentum indicators signal a negative trend as the index remains below its short-term moving averages. However, the index formed a Doji candle on the daily chart and closed above the short-term resistance level of 47,750. The long lower shadow of the candle indicates that buying interest emerged near the support zone. On the higher side, the index faces short-term resistance at 48,000. If the index moves above this level, the positive trend can continue in the coming days; otherwise, the index may consolidate above the 47,750 level for a few days.

Intraday Levels: Support: 47,750, 47,500, 47,250 Resistance: 48,000, 48,250, 48,500 (15-Minute Charts)

Positional Trading: Short-term support: 47,750-46,650 Resistance: 48,550-49,500