NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, June 27, 2024

In the last trading session, the Nifty closed at a record high of 24,044.50, up 175.70 points or 0.74%. Further positive momentum can be expected in the coming days if the index remains above the 24,000 level.

The Nifty opened at 23,881.60 with a positive bias and hit an intraday low of 23,805.40 in the morning trade. The index gradually rose, testing a record high of 24,087.40 before closing at 24,044.50. The top gainers were the IT, auto, metal, and FMCG sectors, while the major losers were media, banks, and pharma. Market breadth was negative, with 831 stocks rising, 1,676 falling, and 114 remaining unchanged. The top gainers in the Nifty index were ULTRACEMCO, LTIM, GRASIM, and NTPC. The major losers included SHRIRAMFIN, LT, BAJAJ-AUTO, and EICHERMOT.

From a technical standpoint, momentum indicators signal a positive trend. The Nifty remains above both the 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 a continued bullish trend. On the lower side, the index has intraday support at the 24,000 level. If the index remains above this level, it may test the next short-term resistance at 24,250 in the coming days.

Intraday Levels: Support: 24,000, 23,900, 23,800 Resistance: 24,100, 24,175-24,250 (15-Minute Charts)

Positional Trading: Short-term Support: 23,800-23,350 Resistance: 24,250-24,750

BANK NIFTY

In the preceding trading session, Bank Nifty closed at 52,811.30, registering a loss of 59.20 points. Technically, the momentum indicators signal a positive trend, and the index remains above the medium-term and short-term moving averages. However, the index formed a small black candle on the daily chart and closed just below the previous day's close. On the higher side, the index has intraday resistance at the 53,000 level. The bullish trend can resume today if the index moves above this level; otherwise, it may consolidate below this level for a few days. The nearest intraday support is at the 52,675 level.

Intraday Levels: Support: 52,675, 52,400, 52,150 Resistance: 53,000, 53,250, 53,500 (15-Minute Charts)

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