Nifty Technical Outlook

 Based on Market Closing on Tuesday, October 15, 2024

In the last trading session, Nifty closed at 25,057.35, down by 70.60 points (-0.28%). The downward bias will persist if the index trades below the key intraday support level of 25,020.

Nifty opened positively at 25,186.30 and tested an intraday high of 25,212.10 during the morning session. However, it gradually declined, reaching an intraday low of 25,008.20 before closing at 25,057.35. Sector-wise, Realty, Media, FMCG, and Banks led the gainers, while Metal, Auto, Pharma, and IT were the major losers.

Market breadth was negative, with 1,297 stocks advancing, 1,305 declining, and 141 remaining unchanged. Top gainers in the Nifty included BPCL, ICICI Bank, Britannia, and Bharti Airtel, while HDFC Life, Bajaj Auto, Wipro, and Bajaj Finance were among the top losers.

Technical Overview:
Momentum indicators continue to signal a negative trend as Nifty remains below its medium-term moving averages. The formation of a black candle on the daily chart, coupled with the close below the previous day's level, reinforces a bearish outlook.

On the downside, the index has immediate support at 25,020. If Nifty breaks and sustains below this level, the downtrend may extend. On the upside, resistance is seen at 25,100. A sustained move above this level could trigger a bullish reversal.

Intraday Levels: Support: 25,020, 24,965, 24,915 Resistance: 25,100, 25,150, 25,215 (15-Minute Charts)

Positional Trading Levels: Short-term Support: 24,750 - 24,450 Resistance: 25,500 - 26,275

Bank Nifty Technical Outlook

In the last trading session, Bank Nifty closed at 51,906.00, up by 89.10 points. While momentum indicators suggest a negative trend, the index remains above its short-term moving averages. On the daily chart, a small black candle was formed, but the index closed above the previous day’s level, indicating that bullish momentum is still intact. On the downside, Bank Nifty has immediate intraday support at 51,800, while resistance is at 52,000.

Although momentum indicators suggest a negative bias, Bank Nifty’s ability to stay above its short-term moving averages and close above the previous day's level reflects underlying bullish strength. For the uptrend to continue, the index must break and sustain above the 52,000 resistance level. A failure to do so could lead to downside pressure, with intraday support levels at 51,800 and below. Traders should closely monitor these levels for potential breakout or breakdown opportunities.

Intraday Levels (15-Minute Charts): Support: 51,800, 51,600, 51,400 Resistance: 52,000, 52,200, 52,400

Positional Trading Levels: Short-term Support: 51,750 - 50,500 Resistance: 52,800 - 54,460