NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Tuesday, May 21, 2024
In the last trading session, the Nifty closed at 22,529.10, up 27.05 points or 0.12 percent. The positive trend is expected to continue if the index remains above the 22,500 level.
The Nifty opened at 22,404.60 on a negative note but gradually rose to test an intraday high of 22,591.10, finally closing at 22,529.10. Metals, PSU banks, media, and pharma were the biggest sector gainers. Market breadth was negative, with 1,006 stocks rising, 1,473 falling, and 133 remaining unchanged. The top gainers in the Nifty were HINDALCO, COAL INDIA, TATA STEEL, and JSWSTEEL, while the major losers included NESTLEIND, HEROMOTOCO, MARUTI, and ICICIBANK.
From a technical standpoint, the Nifty remains above its short-term and long-term moving averages. Momentum indicators signal a positive trend. Additionally, the index formed a white candle on the daily chart, closing above the previous day's close, which suggests a potential continuation of the uptrend. The Nifty has intraday support at the 22,500 level. To maintain the uptrend, the index needs to stay above this level. The nearest intraday resistance is at the 22,600 level.
Intraday Levels: Support: 22,500, 22,400, 22,300 Resistance: 22,600, 22,700-22,800 (15-Minute Charts)
Positional Trading: Short-term support: 22,250-21,750 Resistance: 22,800-23,300.
BANK NIFTY
In the preceding trading session, Bank Nifty closed at 48,048.20, registering a loss of 151.30 points. Technically, momentum indicators signal a negative trend, although the index remains above its long-term moving averages. The index formed a white candle on the daily chart but closed below the previous day's close, indicating a slightly negative bias.
On the lower side, the index has intraday support at 48,000. If the index moves below this level, the downtrend may continue in the coming days. Otherwise, a pullback rally can be expected from the support area. The nearest intraday resistance is at the 48,250 level.
Intraday Levels: Support: 48,000, 47,800, 47,600 Resistance: 48,250, 48,500, 48,750 (15-Minute Charts)
Positional Trading: Short-term support: 47,750-46,650 Resistance: 48,550-49,500
