NIFTY Technical Outlook

Based on Market Closing on Tuesday, June 25, 2024

In the last trading session, the Nifty closed at a record high of 23,721.30, up 183.45 points or 0.78 percent. A further positive trend can be expected in the coming days if the index remains above the 23,670 level.

The Nifty opened with a positive bias at 23,577 and continued the trend throughout the session, testing the record high of 23,754.20 before closing at 23,721.30. Financial services, banks, and IT sectors were the top gainers, while realty, metal, media, and FMCG sectors were the major losers. The market breadth was negative with 1,098 stocks rising, 1,419 falling, and 98 remaining unchanged. The top gainers in the Nifty index were Shriram Finance, Axis Bank, ICICI Bank, and HDFC Bank. Major losers included BPCL, Eicher Motors, Power Grid, and Asian Paints.

From a technical standpoint, momentum indicators signal a positive trend. The Nifty remains above both long-term and short-term moving averages. Moreover, the index formed a white candle on the daily chart and closed at a record high, indicating the possibility of continuing the bullish trend. On the lower side, the index has short-term support at the 23,670 level. If the index remains above this level, the positive trend can continue. The nearest intraday resistance is at 23,750 levels.

Intraday Levels: Support: 23,670, 23,600, 23,545 Resistance: 23,750, 23,815-23,875 (15-Minute Charts)

Positional Trading: Short-term support: 23,350-22,800 Resistance: 23,800-24,250

Bank Nifty Technical Outlook

In the preceding trading session, Bank Nifty closed at a record high of 52,606, registering a gain of 902.05 points. Technically, the momentum indicators signal a positive trend, and the index remains above both medium-term and short-term moving averages. Additionally, the index formed a white candle on the daily chart and closed near the record high.

On the lower side, the index has short-term support at the 52,300 level. If the index remains above this level, the bullish trend can continue in the coming days. The nearest intraday resistance is at 52,750 levels.

Intraday Levels: Support: 52,400, 52,150, 51,800 Resistance: 52,750, 53,000, 53,300 (15-Minute Charts)

Positional Trading: Short-term support: 52,300-51,000 Resistance: 53,600-55,000