NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Monday, February 17, 2025
The Nifty closed at 22,959.50, gaining 30.25 points or 0.13% in the previous session. For the uptrend to continue, the index must break above the 23,000 level.
Nifty opened on a weak note at 22,809.90, hitting an intraday low of 22,725.40 during the morning session. However, the index gradually recovered, reaching a high of 22,974.20 before settling at 22,959.50. Sector-wise, pharma, metals, PSU banks, and financial services outperformed, while media, IT, auto, and FMCG lagged. Market breadth remained negative, with 868 stocks advancing, 1,902 declining, and 102 unchanged.
The top gainers in Nifty were ADANIENT, BAJAJFINSV, INDUSINDBK, and POWERGRID, whereas M&M, BHARTIARTL, WIPRO, and TCS were the biggest losers.
Technical Outlook: Momentum indicators continue to signal a negative trend, with Nifty trading below both its short-term and long-term moving averages. However, the formation of a small white candle on the daily chart, following eight consecutive sessions of decline, suggests a slight positive bias. On the downside, 22,770–22,600 remains a key support zone. A breakdown below this range may extend the downtrend. Conversely, holding above this level could lead to short-term consolidation. On the upside, 23,000 acts as immediate resistance. Sustaining above this level may trigger a pullback rally.
Key Levels:
Intraday Support: 22,900, 22,800, 22,700 Intraday Resistance: 23,000, 23,100–23,230 (15-Minute Charts)
Positional Support: 22,770–22,600 Positional Resistance: 23,250–23,800
In conclusion, the Nifty’s recovery after eight consecutive losing sessions signals a potential pause in the downtrend. However, the overall trend remains weak as the index trades below key moving averages. A decisive move above 23,000 could pave the way for a short-term pullback, while failure to hold 22,770–22,600 may lead to further downside. Traders should remain cautious and watch for confirmation signals before taking directional positions.
Bank Nifty Technical Outlook
Bank Nifty closed at 49,258.90, gaining 159.45 points in the previous session. While the technical indicators suggest a neutral trend, the index remains below both short-term and long-term moving averages. However, the formation of a white candle on the daily chart, along with a close above the previous session’s level, indicates a slightly positive bias. The nearest short-term support is at 48,750. A break below this level could lead to further downside in the coming sessions. The index faces immediate resistance at 49,500. Sustaining above this level is crucial for a continuation of the uptrend.
Key Levels to Watch
Intraday Trading Levels (15-Minute Charts) Support: 49,200, 48,900, 48,600 Resistance: 49,500, 49,800, 50,050
Positional Trading Levels : Short-term Support: 48,750 – 47,750 Resistance: 49,750 – 50,700
Conclusion: While Bank Nifty has shown signs of stability, it remains in a range-bound phase. A decisive move above 49,500 could trigger a short-term rally, while a breakdown below 48,750 may lead to extended weakness. Traders should monitor key levels and wait for confirmation signals before taking major positions.