NIFTY TECHNICAL OUTLOOK

 Based on Market Closing on Tuesday, November 05, 2024

In the last trading session, the Nifty closed at 24,213.30, marking an increase of 217.95 points or 0.97%. If the index remains above the intraday support level of 24,200, it may continue to exhibit a positive bias.

During the session, the Nifty opened on a weaker note at 23,916.50, hitting an intraday low of 23,842.80 in the morning. It then surged sharply, reaching an intraday high of 24,229.10 before closing at 24,213.30. Sector-wise, metals, financial services, banking, and auto were the biggest gainers, while FMCG and media showed mild negative biases. Market breadth leaned positive, with 1,604 stocks advancing, 1,047 declining, and 110 remaining unchanged. Key gainers included JSW Steel, Bajaj Auto, Tata Steel, and Hindalco, while the top decliners were Coal India, Adani Ports, Trent, and Asian Paints.

From a technical perspective, momentum indicators still signal a negative trend as the Nifty remains below its short- and medium-term moving averages. However, the formation of a long white candle on the daily chart, with the close near the day's high, indicates a potential shift toward a slightly positive bias. Key intraday support is at the 24,200 level. The Nifty's recent recovery and positive close near its day high suggest that buying interest is sustaining, despite the underlying negative trend on technical indicators. If the index holds above 24,200, a further rally toward 24,300 and potentially 24,500 could unfold. However, sustained bullish momentum will depend on a close above the 24,500 mark, which could then open the door for further upside targets.

Trading Levels:  Intraday Support: 24,200, 24,100, 24,000 Intraday Resistance: 24,300, 24,500-24,550 (15-Minute Charts)

Positional Support: 23,800 - 23,350 Positional Resistance: 24,500 - 25,200

BANK NIFTY TECHNICAL OUTLOOK

In the previous trading session, Bank Nifty closed at 52,207.25, gaining 992 points. Technically, momentum indicators signal a positive trend, with the index closing above both its short-term and medium-term moving averages. Additionally, a long white candle was formed on the daily chart, closing significantly higher than the previous session's close. This pattern indicates a potential continuation of the uptrend.

On the upside, the index faces short-term resistance at the 52,400 level. If Bank Nifty trades and sustains above this level, the bullish momentum is likely to persist in the coming sessions. The nearest intraday support is at 52,100.

Trading Levels:  Intraday Support: 52,100, 51,800, 51,500 Intraday Resistance: 52,400, 52,650, 52,900 (15-Minute Charts)

Positional Support: 51,000 - 50,000 Positional Resistance: 52,400 - 53,500