NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, January 29, 2025

The Nifty closed at 23,163.10, gaining 205.85 points (0.90%) in the previous session. The positive trend is likely to continue as long as the index holds above the key support level of 23,000.

Nifty opened on a strong note at 23,026.80 and maintained its upward momentum throughout the session, hitting an intraday high of 23,183.10 before settling at 23,163.10. Most sectors closed positively, except FMCG. The top-performing sectors were Realty, IT, Media, and Metal. Market breadth remained bullish, with 2,162 stocks advancing, 577 declining, and 118 unchanged. Among the top Nifty gainers were SHRIRAMFIN, BEL, TATAMOTORS, and WIPRO, while MARUTI, BHARTIARTL, ASIANPAINT, and ITC were the major laggards.

Technical View

Momentum indicators suggest a strengthening bullish trend, with Nifty closing above its short-term moving averages. The index also formed a bullish white candle on the daily chart, closing higher than the previous session, indicating a continuation of positive sentiment. On the downside, 23,000 remains the key short-term support, and as long as the index trades above this level, the uptrend is expected to continue.

The Nifty has maintained its bullish momentum, closing above the key support level of 23,000 and signaling further upside potential. With positive sectoral participation and strong market breadth, the index is poised for continued gains as long as it sustains above this critical level. However, resistance at 23,200 needs to be breached for a stronger rally towards 23,300-23,400. Traders should watch for any signs of weakness around support levels, as a break below 23,000 could lead to short-term downside pressure.

Trading Levels  Intraday Levels: Support: 23,100 - 23,000 - 22,900 Resistance: 23,200 - 23,300-23,400 (15-Minute Charts)

Positional Trading Levels: Support: 23,000-22,500 Resistance: 23,500-24,000

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, Bank Nifty closed at 49,165.95, gaining 299.10 points and maintaining its positive momentum. Technical indicators signal a bullish trend, with the index trading above its short-term moving averages. Additionally, the formation of a white candle on the daily chart, closing above the previous session’s high, reinforces the positive bias.

On the downside, immediate intraday support is at 48,800, while resistance is at 49,200. The Bank Nifty maintains a positive outlook, supported by bullish technical indicators. Sustaining above 49,200 could trigger further upside, while a break below 48,800 may lead to short-term consolidation. Traders should closely monitor these levels to assess market direction.

Trading Levels  Intraday (15-Minute Charts): Support: 48,800 - 48,550 - 48,300 Resistance: 49,200 - 49,500 - 49,800

Positional Trading: Support: 48,000–47,000 Resistance: 49,600–50,700