Nifty Technical Outlook
Market Closing on Thursday, June 20, 2024
In the last trading session, the Nifty closed at 23,567.00, up 51.00 points or 0.22 percent. The bullish trend is expected to continue if the index stays above the 23,530 level.
The Nifty opened positively at 23,586.20 but fell to an intraday low of 23,442.60 in the morning. It then gradually rose to an intraday high of 23,624.00 before closing at 23,567.00. The realty, metal, and banking sectors were the top gainers, while the pharma, auto, and PSU bank sectors closed with losses. Market breadth was positive with 1,540 stocks rising, 984 falling, and 90 remaining unchanged. Top gainers in the Nifty index included HINDALCO, GRASIM, BPCL, and JSWSTEEL, while major losers were HEROMOTOCO, SUNPHARMA, M&M, and NTPC.
From a technical perspective, momentum indicators suggest a positive trend. The Nifty is above both its long-term and short-term moving averages. The index formed a Doji candle on the daily chart, closing higher than the previous day's close, indicating a potential uptrend. The index has intraday support at 23,530. If it stays above this level, the positive trend is likely to continue. The nearest intraday resistance is at 23,630.
Intraday Levels: Support: 23,530, 23,465, 23,400 Resistance: 23,630, 23,700-23,770 (15-Minute Charts)
Positional Trading: Short-term Support: 23,340-22,800 Resistance: 23,800-24,250
Bank Nifty
In the previous trading session, Bank Nifty closed at 51,783.25, gaining 385.20 points. Technically, momentum indicators signal a positive trend, and the index remains above its medium-term and short-term moving averages. The index formed a white candle on the daily chart, closing higher than the previous day's close. The long lower shadow of the candle suggests buying interest near the support area.
On the higher side, the index has intraday resistance at 51,850. If the index moves above this level, the bullish trend is likely to continue in the coming days. The nearest intraday support is at 51,500.
Intraday Levels: Support: 51,500, 51,200, 50,900 Resistance: 51,850, 52,200, 52,500 (15-Minute Charts)
Positional Trading: Short-term Support: 51,000-49,500 Resistance: 52,300-53,600
