NIFTY TECHNICAL OUTLOOK
Market Closing on Friday, March 21, 2025
The Nifty closed at 23,350.40, gaining 159.75 points (0.69%) in the previous session. The uptrend is likely to continue if the index surpasses the intraday resistance at 23,400.
Nifty opened on a negative note at 23,168.30, touching an intraday low of 23,132.80 before rebounding. The index gradually moved higher, reaching an intraday high of 23,402.70 and closing just below that level. All sectors, except metals, ended positively, with media, PSU banks, pharma, and private banks leading the gains. Market breadth remained strong, with 2,055 stocks advancing, 736 declining, and 95 unchanged. Among Nifty stocks, SBILIFE, ONGC, NTPC, and BPCL were the top gainers, while HINDALCO, INFY, WIPRO, and TRENT were the biggest losers.
Technically, momentum indicators support a bullish trend, and the index remains above its short-term and medium-term moving averages. The formation of a white candle on the daily chart, closing above the previous resistance of 23,250, signals the potential for further upside. However, 23,400 remains a key resistance level, and a breakout above this could extend gains in the coming sessions. The nearest intraday support stands at 23,300.
Key Levels
Intraday Levels: Support: 23,300, 23,200, 23,100 Resistance: 23,400, 23,500-23,600 (15-Minute Charts)
Positional Trading Levels: Support: 23,250-22,680 Resistance: 23,800-24,225
The overall market sentiment remains bullish, supported by strong sectoral performance and positive momentum indicators. However, 23,400 acts as a crucial resistance level and a breakout above this could fuel further upside. On the downside, 23,300 serves as immediate support, ensuring stability. Traders should monitor these key levels for confirmation of the next directional move.
Bank Nifty Technical Outlook
In the previous session, Bank Nifty closed at 50,593.55, gaining 530.70 points, indicating a positive trend. The index remains above its short-term moving averages, reinforcing the bullish momentum. Additionally, it formed a white candle on the daily chart, closing near the short-term resistance of 50,600, suggesting that the momentum is still in favor of the bulls. A break above 50,600 could extend the rally, while immediate support is placed at 50,300.
For intraday traders, key support levels are 50,300, 50,050, and 49,800, while resistance levels stand at 50,600, 50,900, and 51,200.
Positional traders should monitor support between 49,750–48,750, with resistance at 50,600–51,750.
The bullish sentiment remains intact, with momentum favoring the upside. A sustained move above 50,600 could lead to further gains, while traders should keep an eye on 50,300 as crucial support to assess market strength.