NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, October 10, 2024

In the latest trading session, Nifty closed at 24,998.45, gaining 16.50 points, or 0.07%. The positive bias is expected to continue if the index trades and sustains above the immediate support at 24,950.

Nifty opened on a positive note at 25,067.10 and reached an intraday high of 25,134.10 during the morning session. However, it gradually declined, hitting an intraday low of 24,979.40 before closing at 24,998.10. Sectors like banks, financial services, metals, and auto-ended on a positive note, while pharma, IT, media, and FMCG sectors faced losses. The market breadth was positive, with 1,459 stocks advancing, 1,188 declining, and 95 remaining unchanged. Among the top gainers were KOTAKBANK, HDFCBANK, BEL, and MARUTI, while the major losers included CIPLA, TECHM, TRENT, and SUN PHARMA.

From a technical perspective, momentum indicators continue to signal a negative trend, with Nifty trading below its short-term moving averages. Although a black candle formed on the daily chart, the index managed to close just above the previous day’s level, indicating a potential consolidation phase. On the downside, immediate support is at 24,950, and a break below this level could lead to the continuation of the recent downtrend. For a bullish reversal, the index must move above the resistance at 25,050.

Intraday Levels: Support: 24,950, 24,855, 24,765 Resistance: 25,050, 25,140, 25,235 (15-Minute Charts)

Positional Trading Levels: Short-term support: 24,750 - 24,450 Resistance: 25,500 - 26,275

BANK NIFTY TECHNICAL OUTLOOK

In the last trading session, Bank Nifty closed at 51,530.90, posting a gain of 523.90 points. While momentum indicators still point to a negative trend, as the index remains below its short-term moving averages, it formed a white candle on the daily chart and closed above the previous day’s close. This pattern signals a potential positive bias for the index.

On the downside, Bank Nifty has immediate intraday support at 51,470, while resistance is seen at 51,750. A move above this resistance is necessary to maintain the positive trend; otherwise, the index may remain in a consolidation phase for the next few days.

For intraday traders, the support levels are 51,470, 51,240, and 51,000, with resistance at 51,750, 52,000, and 52,200.

For positional traders, key support levels are 50,500–49,600, while resistance lies between 51,750–52,800.