NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, March 12, 2025

The Nifty ended the previous session at 22,470.50, down 27.40 points (-0.12%). On the upside, 22,500 serves as the nearest intraday resistance.

In the last session, Nifty opened on a positive note at 22,536.30, reaching an intraday high of 22,577.40 in the morning trade. However, the index gradually declined, hitting a low of 22,329.60 before closing at 22,470.50. Among sectors, private banks, financial services, auto, and pharma led the gains, while IT, realty, and media were the top underperformers. The market breadth remained weak, with 914 stocks advancing, 1,838 declining, and 130 unchanged. Among Nifty stocks, INDUSINDBK, TATAMOTORS, KOTAKBANK, and BAJFINANCE were the top gainers, whereas INFY, WIPRO, TECHM, and NESTLEIND were the biggest losers.

Technically, momentum indicators suggest a positive bias, and the index remains above its short-term moving averages. However, a small black candle on the daily chart signals some hesitation, as Nifty closed slightly below the previous session’s close. On the upside, 22,600 remains key intraday resistance, with a strong bullish confirmation needed above 22,750 for further upside. On the downside, 22,320 acts as immediate support, and a breakdown below this level could trigger additional weakness. The overall trend remains positive, but a sustained close above 22,750 is essential to strengthen bullish momentum.

For intraday trading, support levels are at 22,400, 22,320, and 22,250, while resistance is seen at 22,500, 22,600, and 22,700.

Positional traders should watch for support at 22,000-21,200 and resistance at 22,750-23,500.

Bank Nifty Technical Outlook

The Bank Nifty closed at 48,056.65, gaining 202.70 points, despite technical indicators signaling a negative trend as the index remains below its short-term moving averages. However, the formation of a small white candle on the daily chart, closing above the previous session, suggests a mild positive bias. On the downside, 48,000 acts as the nearest intraday support, while 48,250 is the immediate resistance. A breakout above 48,250 could sustain the positive momentum, whereas failure to surpass this level may lead to consolidation around 47,750 in the coming sessions.

For intraday trading, key support levels are 48,000, 47,800, and 47,600, while resistance levels are 48,250, 48,500, and 48,700.

Positional traders should monitor support at 47,750–47,000 and resistance at 48,750–50,000 for directional cues.