NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Thursday, April 03, 2025
The Nifty closed at 23,250.10, marking a decline of 82.25 points or -0.35%. The index opened with a negative bias at 23,145.80, recovered in the morning session to test an intraday high of 23,306.50, but gradually lost momentum and ended the day lower. A sustained move below 23,225 could extend the downtrend in the near term.
Sector-wise, pharma, banking, media, and FMCG led the gains, while IT, auto, metals, and financial services were the major laggards. The overall market breadth remained positive, with 2,020 stocks advancing, 759 declining, and 114 unchanged. Among Nifty constituents, POWERGRID, SUN PHARMA, ULTRACEMCO, and CIPLA were the top gainers, whereas TCS, TECHM, HCLTECH, and INFY were the top losers.
From a technical standpoint, momentum indicators remain positive, and the index continues to trade above short-term moving averages. Additionally, the advance/decline ratio has favored the bulls for the past three sessions. Despite forming a white candle on the daily chart, the index closed below the previous day's close, indicating a mildly negative bias.
While the Nifty retains a broader positive setup supported by bullish breadth and momentum indicators, the immediate trend remains cautious. A move above 23,300 may trigger a recovery, while sustaining below 23,225 could lead to further downside. Traders are advised to watch these key levels for directional cues.
Intraday Levels: Support: 23,225, 23,130, 23,050 Resistance: 23,300, 23,400, 23,500
Positional Trading Levels: Support: 23,000–22,600 Resistance: 23,400–23,800
BANK NIFTY – Technical Outlook
In the previous session, Bank Nifty closed at 51,597.35, gaining 249.30 points, indicating continued bullish momentum. The index remains above its short-term moving averages, and technical indicators suggest a positive trend. Additionally, Bank Nifty formed a white candle on the daily chart and closed above the previous day's close, reinforcing the positive bias.
On the upside, the index faces immediate resistance at 51,750. A decisive close above this level could pave the way for further upside in the coming sessions. On the downside, the nearest intraday support is placed at 51,400. A break below this level may lead to mild intraday weakness.
Based on the 15-minute charts, intraday levels are as follows: Support: 51,400, 51,200, 51,000 Resistance: 51,650, 51,950, 52,150
For positional traders, key levels to watch are: Support: 50,600–49,750 Resistance: 51,750–53,000
In conclusion: Bank Nifty continues to display strength with support from technical indicators and price action. A sustained move above 51,750 could open the door for further gains, while holding above 51,400 will be crucial for maintaining intraday momentum. Traders should monitor these levels closely for confirmation of the next directional move.