NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Friday, October 25, 2024

In the last trading session, the Nifty index closed at 24,180.80, falling by 218.60 points or -0.90%. The downtrend is likely to persist if the index moves below its immediate support level of 24,070.

During the session, Nifty opened on a positive note at 24,418.10 and quickly reached an intraday high of 24,440.30. However, it reversed, hitting a low of 24,073.90 before settling at 24,180.80. Except for FMCG and pharma, all sectors closed negatively. The biggest sectoral declines were in metal, PSU banks, media, and auto. Market breadth was negative, with 395 stocks advancing, 2,230 declining, and 124 unchanged. Leading Nifty gainers included ITC, AXISBANK, BRITANNIA, and HINDUNILVR, while INDUSINDBK, ADANIENT, BPCL, and SHRIRAMFIN were the top losers.

Technical Analysis

Momentum indicators continue to signal a bearish trend, as Nifty remains below both short- and medium-term moving averages. The formation of a black candle on the daily chart, coupled with a close below the previous day’s level, reinforces the potential for continued downside movement. Support lies at the 24,070–24,000 range; a break below this could extend the bearish trend in the upcoming sessions. However, with momentum indicators suggesting oversold conditions, a pullback rally could materialize if the index sustains above 24,000.

Trading Levels  Intraday Support: 24,140, 24,070, 24,000 Resistance: 24,230, 24,340–24,450 (15-Minute Charts)

Positional Short-term Support: 24,000, 23,365 Resistance: 24,450, 25,200

BANK NIFTY TECHNICAL OUTLOOK

In the last trading session, Bank Nifty closed at 50,787.45, marking a decline of 743.70 points. Momentum indicators point to a continued negative trend, as the index remains below its short-term moving averages. Additionally, Bank Nifty formed a black candle on the daily chart and closed significantly below the prior day's level, suggesting the downtrend may persist.

The index holds short-term support at 50,500; if it breaks below this level, further downside movement is likely in the coming days. However, if it holds this support, a pullback rally could occur.

Trading Levels  Intraday Support: 50,665, 50,400, 50,100 Resistance: 50,950, 51,250, 51,550 (15-Minute Charts)

Positional  Short-term Support: 50,500, 49,650 Resistance: 52,000, 53,350