NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Friday, March 28, 2025

The Nifty closed at 23,519.35, down 76.60 points (-0.31%), with a negative bias that could extend if the index moves below 23,450.

The session began on a positive note at 23,600.40, reaching an intraday high of 23,649.20, but selling pressure drove it to a low of 23,450.20 before closing slightly higher.  Sectoral performance was mixed, with FMCG, Financial Services, and Private Banks leading the gains, while the Media, IT, Realty, and Auto sectors saw declines. Market breadth remained negative, as 1,015 stocks advanced, 1,787 declined, and 88 remained unchanged. Among Nifty stocks, TATACONSUM, KOTAK BANK, APOLLO HOSP, and ONGC were the top gainers, whereas WIPRO, INDUSINDBK, SHRIRAMFIN, and CIPLA were the biggest losers.

Technically, momentum indicators suggest a positive trend, with the index holding above its short-term moving averages. However, the formation of a black candle on the daily chart, closing below the previous session, indicates a slightly negative bias. The Nifty has been consolidating above 23,400 over the past five sessions, with short-term resistance at 23,800. A breakout above or below these levels will determine the next directional move.

Key support levels for intraday trading are at 23,450, 23,375, and 23,300, while resistance is seen at 23,550, 23,650, and 23,750.

 For positional traders, the broader support range lies between 23,400 and 23,000, with resistance at 23,800 and 24,225.

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, Bank Nifty closed at 51,564.85, registering a marginal loss of 11.00 points. Despite this, technical indicators suggest a positive trend, with the index trading above its short-term moving averages. However, the formation of a small black candle on the daily chart, closing near the previous day's level, indicates indecisiveness in the market. On the downside, intraday support is at 51,500, and a sustained trade above this level could lead to a slightly positive trend for the day. Conversely, failure to hold above this level may extend the negative momentum. For the index to resume its bullish trend, a closing above 51,750 is essential.

Intraday traders should watch support levels at 51,500, 51,250, and 51,050, while resistance is expected at 51,700, 51,900, and 52,100, based on 15-minute charts.

For positional trading, short-term support lies between 50,600 and 49,750, with resistance in the range of 51,750 to 53,000.