NIFTY Technical Outlook

 Based on Market Closing on Monday, September 09, 2024

In the last trading session, the Nifty index closed at 24,936.40, gaining 84.25 points or 0.34%. A positive bias is expected to persist as long as the index holds above the crucial 24,900 level.

The session began on a slightly negative note with the Nifty opening at 24,823.40 and hitting an intraday low of 24,753.20 during morning trade. However, the index gradually recovered, testing an intraday high of 24,957.50 before settling at 24,936.40. Among the sectoral performance, FMCG, banking, and financial services led the gains, while IT, metals, media, and realty sectors underperformed. Market breadth skewed negative, with 933 stocks advancing, 1,680 declining, and 85 remaining unchanged. Key gainers included HINDUNILVR, SHRIRAMFIN, ICICIBANK, and ITC, while ONGC, TECHM, HINDALCO, and NTPC topped the list of losers.

From a technical perspective, momentum indicators reflect a negative bias as the Nifty remains below its short-term moving averages. However, the formation of a white candle on the daily chart, along with a close near the day’s high, indicates a slightly positive undertone. For a sustained upward move, the index needs to break through the immediate resistance at 25,000. On the downside, strong support is seen at 24,900.

Key Levels for Traders: Intraday Support: 24,900, 24,800, 24,700 Intraday Resistance: 25,000, 25,100–25,200 (15-Minute Charts)

Positional Support: 24,500–24,000 Positional Resistance: 25,000–25,350

Bank Nifty Technical Outlook

In the previous trading session, Bank Nifty closed at 51,117.80, marking a significant gain of 540.95 points. Technically, momentum indicators currently suggest a neutral trend, with the index trading below its short-term moving averages. However, the formation of a white candle on the daily chart, combined with a close near the session’s high, hints at the possibility of an upcoming uptrend. To confirm this upward movement, Bank Nifty must break through the immediate intraday resistance at 51,200, while the key support is seen at 51,000. A positive trend is likely if the index sustains above this support level.

For intraday traders, the support levels to monitor are 51,000, 50,800, and 50,600, while resistance is seen at 51,200, 51,400, and 51,600, as suggested by the 15-minute charts.

 Positional traders should focus on short-term support in the range of 50,700 to 49,600, with resistance levels at 51,750 to 52,775.