Nifty Technical Outlook
Based on Market Closing on Thursday, November 28, 2024

Nifty closed at 23,914.15, losing 360.75 points (-1.49%). The index encountered a sharp decline after a flat opening at 24,274.20 and an intraday high of 24,345.80. It dropped to a low of 23,873.30 before settling below its key short-term moving averages. While PSU banks, media, and realty sectors closed positively, most other sectors, including IT, auto, private banks, and financial services, ended in the red. Market breadth showed 1,450 stocks advancing, 1,185 declining, and 147 remaining unchanged. Top gainers under the nifty included ADANIENT, SHRIRAMFIN, SBIN, and CIPLA, while SBILIFE, INFY, M&M, and HDFCLIFE were the major laggards.

From a technical perspective, momentum indicators still hint at a positive trend, but the formation of a long black candle and a close well below the previous session signal a bearish bias. The index filled a recent gap in the previous session, and short-term support lies at 23,800. The Nifty faces a critical juncture, with 23,800 serving as a pivotal support level. A break below this could intensify bearish momentum while sustaining above it might provide room for recovery. Traders should remain cautious, and closely monitor the support and resistance levels before making any trading decision.

 Intraday Levels (15-Minute Charts): Support: 23,900, 23,800, 23,700 Resistance: 24,000, 24,135–24,260

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

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 51,906.85, down by 394.95 points (-0.76%). Despite the loss, momentum indicators continue to reflect a positive trend, with the index staying above its short-term and long-term moving averages. However, the formation of a black candle on the daily chart, with a close near the session low, suggests a mildly negative bias.

The index has immediate intraday support at 51,775. Bank Nifty is at a critical support zone, with 51,775 acting as a key level to watch. A sustained move below this could lead to further downside, while holding above it may allow a recovery. For a bullish continuation, the index must close above 52,400, which could pave the way for higher targets in the short term. Traders are advised to remain cautious and closely monitor these levels.

Intraday Levels (15-Minute Charts): Support: 51,775, 51,500, 51,200 Resistance: 52,075, 52,400, 52,700

Positional Levels: Support: 51,000–49,600 Resistance: 52,400–53,500