Nifty Technical Outlook
Based on Market Closing on Friday, November 29, 2024

The Nifty ended the previous session at 24,131.10, gaining 216.95 points or 0.91%. The bullish momentum is expected to persist if the index breaks above the intraday resistance level of 24,200.

In the last session, the Nifty opened positively at 23,927.20 and maintained its upward trend throughout the day, reaching an intraday high of 24,188.40 before closing at 24,131.10. Except for the realty and PSU bank sectors, all other sectors showed a positive bias, with pharma, media, auto, and metals being the top performers. Market breadth was strong, with 1,584 stocks advancing, 1,085 declining, and 115 remaining unchanged. The top gainers in the Nifty included BHARTIARTL, CIPLA, SUN PHARMA, and M&M, while POWERGRID, SHRIRAMFIN, HEROMOTOCO, and APOLLOHOSP were the major losers.

From a technical perspective, momentum indicators suggest a positive trend, and the index remains above its short-term moving averages. Additionally, a white candle formed on the daily chart, closing inside the previous day's range, resembling a bullish Harami pattern. This pattern indicates a potential reversal of the recent bearish trend, but confirmation requires the index to trade and sustain above the Harami pattern's high.

The Nifty shows strong bullish momentum, supported by positive technical indicators and favorable market breadth. If the index surpasses the key resistance level of 24,200, the uptrend is likely to continue, targeting higher levels. However, a failure to sustain above this level might lead to consolidation or a pullback, with support at 24,100. Traders should monitor these levels closely for actionable opportunities.

Key Levels to Watch: Intraday Support: 24,100, 24,000, 23,900 Intraday Resistance: 24,200, 24,300-24,400 (15-minute charts)

Positional Trading Levels: Support: 23,800 - 23,150 Resistance: 24,500 - 25,000

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 52,055.60, gaining 148.75 points. Momentum indicators suggest a positive trend, with the index remaining above its short-term and long-term moving averages. A small white candle formed on the daily chart, closing inside the previous day's range, indicating a positive bias for the index. On the downside, intraday support is at 51,800, while resistance is at 52,130. Bank Nifty maintains a positive bias, supported by favorable technical indicators and its position above key moving averages. A break above the 52,130 resistance level could extend the positive trend, with further strength confirmed by a close above 52,400. Traders should keep an eye on critical support and resistance levels to capitalize on potential opportunities.

Intraday Trading Levels: Support: 51,800, 51,500, 51,200 Resistance: 52,130, 52,400, 52,700 Positional Trading Levels: Support: 51,000 - 49,600 Resistance: 52,400 - 53,500