NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Friday, November 08, 2024

In the last trading session, the Nifty closed at 24,148.20, down by 51.15 points or -0.21%. The bearish bias is likely to persist if the index falls below the intraday support level of 24,070.

Nifty opened positively at 24,207.70 in the previous session, briefly dipping to an intraday low of 24,066.70 in the morning session. The index then rebounded, hitting an intraday high of 24,276.20 before closing at 24,148.20. Sectoral gainers included IT, FMCG, and pharma, while realty, media, PSU banks, and metals were the major laggards. Market breadth was negative, with 730 stocks advancing, 1,927 declining, and 104 remaining unchanged. The top gainers within the Nifty were M&M, Titan, Tech Mahindra, and Infosys, whereas Trent, Coal India, Asian Paints, and Tata Steel led the losses.

Technically, momentum indicators suggest a negative trend as Nifty remains below its short- and medium-term moving averages. Additionally, the index formed a small black candle on the daily chart, closing below the previous day's level, which reinforces the bearish sentiment. On the downside, the index has immediate intraday support at 24,070. A breach below this level could extend the downtrend in the coming sessions. On the upside, intraday resistance is seen at 24,175; crossing this level would be required to initiate a pullback.

Intraday Levels:  Support: 24,070, 23,960, 23,850 Resistance: 24,175, 24,280–24,400 (15-Minute Charts)

Positional Trading: Short-term Support: 23,800–23,350 Resistance: 24,500–25,200

BANK NIFTY TECHNICAL OUTLOOK

In the last trading session, Bank Nifty closed at 51,561.20, down by 355.30 points. While momentum indicators still suggest an underlying positive trend, the index closed below its short- and medium-term moving averages, reflecting a cautious outlook. Additionally, a black candle formed on the daily chart, closing below the previous day’s close, which adds to the bearish sentiment.

On the downside, immediate intraday support is located at 51,500. If the index sustains below this level, the bearish momentum may extend further. For a reversal towards a positive trend, the index would need to surpass the intraday resistance at 51,800.

Intraday Levels:  Support: 51,500, 51,240, 50,950 Resistance: 51,800, 52,070, 52,300

Positional Trading: Short-term Support: 51,000–50,000 Resistance: 52,400–53,500