Nifty Technical Outlook
Based on Market Closing on Monday, November 11, 2024

In the last trading session, the Nifty closed at 24,141.30, down 6.90 points or 0.03%. The index could see continued downward momentum if it falls below the intraday support at 24,085.

The session opened with Nifty at 24,087.30, marking a negative start, and it quickly dropped to an intraday low of 24,004.60 in the morning. However, the index rebounded, reaching an intraday high of 24,336.80 before settling at 24,141.30. Sector-wise, IT, banks, and financial services outperformed, while media, metals, pharma, and FMCG experienced losses. Market breadth was negative, with 782 stocks advancing, 1,881 declining, and 110 unchanged. Notable gainers included POWERGRID, TRENT, INFY, and HCLTECH, while the top losers were ASIANPAINT, BRITANNIA, APOLLOHOSP, and CIPLA.

On the technical front, momentum indicators signal a neutral trend, with the Nifty trading below its short-term and medium-term moving averages. The index formed a small white candle on the daily chart but closed below the prior day’s close, indicating bearish momentum. Immediate intraday support lies at 24,085; a breach of this level could signal further downside in the coming days. For a potential pullback, the nearest intraday resistance stands at 24,200.

Trading Levels
Intraday: Support: 24,085, 24,000, 23,900 Resistance: 24,200, 24,330-24,440 (15-Minute Charts)

Positional Trading: Short-term Support: 23,800 - 23,350 Resistance: 24,500 - 25,200

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 51,876.75, up by 315.55 points, showing a positive trend . Bank Nifty shows a strong positive bias, supported by bullish technical indicators and its position above short-term and medium-term moving averages. As long as the index sustains above the key support level of 51,800, the upward momentum is likely to continue, with immediate resistance at 52,050. A breakout above this resistance could open doors to higher levels, while a dip below support might signal a shift in momentum. Overall, Bank Nifty remains poised for further gains if it holds above critical support levels.

Trading Levels  Intraday:  Support: 51,800, 51,540, 51,300 Resistance: 52,050, 52,285, 52,500

Positional Trading:  Short-term Support: 51,000–50,000 Resistance: 52,400–53,500