Nifty Technical Outlook

Market Closing on Wednesday, September 11, 2024

The Nifty ended the day at 24,918.45, registering a loss of 122.65 points (-0.49%). Negative bias is likely to continue if the index breaks below the 24,900 level.

In the previous session, the Nifty opened lower at 25,034.00 and briefly rose to an intraday high of 25,113.70 during morning trade. However, the afternoon saw a gradual decline, with the index hitting an intraday low of 24,885.20 before closing near that level. FMCG was the only sector that avoided the broader market's negative sentiment, while sectors like PSU banks, media, metals, and autos suffered the most losses. The overall market breadth was weak, with 1,734 stocks declining, 879 advancing, and 88 remaining unchanged. Key gainers included Bajaj Auto, Asian Paints, Bajaj Finance, and Britannia, while major laggards were Tata Motors, ONGC, Wipro, and SBI.

From a technical perspective, momentum indicators suggest a neutral trend, and the Nifty closed below its short-term moving averages. The formation of a black candle on the daily chart and the close near the session’s low indicate a bearish outlook. On the upside, the index faces resistance at 25,000, while support is expected at 24,900. A sustained move below this support level will likely extend the downtrend, while a breakout above 25,000 is needed for any meaningful pullback.

Intraday Levels: Support: 24,900, 24,800, 24,700 Resistance: 25,000, 25,120-25,220 (15-minute chart)

Positional Trading Levels: Short-term support: 24,800 - 24,400 Resistance: 25,350 - 25,850

Bank Nifty Technical Outlook

In the previous trading session, Bank Nifty closed at 51,010.00, reflecting a loss of 262.30 points. While momentum indicators suggest a positive trend, the index closed below its short-term moving averages, signaling caution. Additionally, the formation of a small black candle on the daily chart, coupled with the close near the day's low, indicates a bearish bias.

On the upside, Bank Nifty faces intraday resistance at the 51,200 level, while immediate support is seen at 50,930. A move below this support could extend the negative trend. The index needs to break above the 51,200 mark for any potential pullback rally.

Intraday Levels: Support: 50,930, 50,700, 50,500 Resistance: 51,200, 51,400, 51,600 (15-minute chart)

Positional Trading Levels: Short-term support: 50,700 – 49,600 Resistance: 51,750 – 52,775