NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Monday, February 10, 2025

The Nifty concluded the previous session at 23,381.60, marking a decline of -178.35 points or -0.76%. The bearish trend is likely to persist if the index slips below the 23,315 level.

During the session, the Nifty opened with a negative bias at 23,543.80 and extended its losses, touching an intraday low of 23,316.30. However, the index managed to recover slightly from its lows, closing at 23,381.60. All sectors ended in the red, with realty, metal, media, and pharma emerging as the top losers. Market breadth was weak, with 456 stocks advancing, 2,268 declining, and 130 remaining unchanged. The major gainers in the Nifty were KOTAKBANK, BHARTIARTL, BRITANNIA, and TATACONSUM, while TRENT, POWERGRID, TATASTEEL, and TITAN were the biggest losers.

From a technical perspective, momentum indicators suggest a potential positive trend. However, the index closed below its short-term moving averages, signaling bearish pressure. Additionally, the Nifty formed its fourth consecutive black candle on the daily chart and closed below the previous day's level, reinforcing the bearish momentum.

On the downside, the index has immediate intraday support at 23,315, while resistance is placed at 23,400. A break below the 23,315 level could extend the downtrend, while a sustained move above 23,400 is necessary for the index to regain positive momentum.

In summary, while technical indicators hint at a possible recovery, the overall trend remains bearish unless the Nifty decisively breaks above the 23,400 resistance level. Traders should monitor key support and resistance levels for intraday and positional trading opportunities.

Intraday Levels: Support: 23,300, 23,240, 23,170 Resistance: 23,400, 23,500-23,600 (based on 15-minute charts)

Positional Trading: Short-term Support: 23,000-22,500 Resistance: 23,500-24,200

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, the Bank Nifty closed at 49,981.00, down by -177.85 points. While technical indicators suggest a positive trend, with the index trading above its short-term moving averages, the formation of a black candle on the daily chart and a close below the previous session's level signals a bearish bias.

On the upside, the index faces immediate intraday resistance at 50,100. On the downside, the nearest short-term support lies at 49,600. A close below this level could trigger further downside in the coming sessions. Conversely, a pullback rally may occur if the index holds above this support zone.

In summary, while the Bank Nifty maintains a positive technical structure, the bearish candle formation and close below the previous session's level indicate caution. Traders should monitor the 49,600 support and 50,100 resistance levels for potential breakout or breakdown opportunities.

Intraday Levels (15-Minute Charts): Support: 49,900, 49,700, 49,500 Resistance: 50,100, 50,300, 50,500

Positional Trading Levels: Short-term Support: 49,600–48,000 Resistance: 50,700–52,000