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Market Outlook
  • September 23, 2024
  • Jose Mathew T

Daily insights into the world of trading

NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Friday, September 20, 2024

In the latest trading session, Nifty closed at 25,790.95, marking a gain of 375.15 points or 1.48%. The bullish momentum could extend if the index surpasses the immediate resistance at 25,850.

Nifty opened positively at 25,525.90, sustaining an upward trajectory throughout the session. It briefly touched an all-time high of 25,849.30 before settling at 25,790.95. Except for the PSU banking sector, all other sectors closed in the green. Key gainers were from the realty, auto, metal, and financial services sectors. Market breadth remained positive, with 1,628 stocks advancing, 984 declining, and 104 remaining unchanged. The top-performing stocks were M&M, ICICI Bank, JSW Steel, and L&T, while the biggest laggards were Grasim, SBI, IndusInd Bank, and TCS.

From a technical perspective, momentum indicators suggest a continued positive outlook, with the index remaining above its short-term and long-term moving averages. The daily chart saw the formation of a white candle, and the RSI closed above 70, reinforcing bullish sentiment. If the index surpasses the 25,850 level, it could test the next resistance at 26,350 in the near term. However, failure to hold above this level may result in a period of consolidation.

Intraday Levels: Support: 25,750, 25,650, 25,550 Resistance: 25,850, 25,925-26,000 (based on 15-minute charts)

Positional Trading Levels: Support: 25,350, 24,800 Resistance: 25,850, 26,350

BANK NIFTY TECHNICAL OUTLOOK

In the last trading session, Bank Nifty closed at 53,793.20, posting a solid gain of 755.60 points. Technically, momentum indicators signal a positive trend, with the index maintaining its position above both short-term and long-term moving averages. The daily chart shows the formation of a white candle, and the index closed at an all-time high, suggesting the potential for the bullish trend to continue.

On the upside, Bank Nifty faces immediate resistance at 54,500, while key support is found at 53,400. The bullish momentum is likely to persist if the index sustains above the 53,400 level.

For intraday traders, key support levels to monitor are 53,750, 53,500, and 53,200, while resistance levels are at 54,000, 54,250, and 54,500, as indicated by the 15-minute charts.

Positional traders should focus on short-term support levels at 53,400–52,100, with resistance in the range of 54,500–55,600.


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