NIFTY TECHNICAL OUTLOOK
Market Closing on Friday, August 30, 2024
In the last trading session, the Nifty closed at 25,235.90, gaining 83.95 points or 0.33%. The positive trend will persist if the Nifty remains above the intraday support at 25,200.
The Nifty opened with a positive bias at 25,249.70 and traded within a narrow range, testing a record high of 25,268.30 before closing at 25,235.90. Except for the Media and FMCG sectors, all others closed with a positive bias, with Realty, Pharma, Auto, and IT emerging as the biggest gainers. Market breadth was positive, with 1,440 stocks advancing, 1,121 declining, and 125 remaining unchanged. The top gainers in the Nifty index were CIPLA, BAJFINANCE, M&M, and DIVISLAB, while the major losers included TATAMOTORS, RELIANCE, TECHM, and ITC.
Technically, momentum indicators suggest a bullish trend, as the Nifty remains above both short-term and long-term moving averages. Additionally, the index formed a white candle on the daily chart and closed at a record high. On the downside, the index has intraday support at the 25,200 level. If the index stays above this level, the bullish momentum will continue in the coming days. The nearest intraday resistance is at 25,275.
Intraday Levels: Support: 25,200, 25,120, 25,000 Resistance: 25,275, 25,350-25,425 (15-Minute Charts)
Positional Trading: Short-term Support: 25,100, 24,475 Resistance: 25,600-26,150
BANK NIFTY
In the previous trading session, Bank Nifty closed at 51,351.00, gaining 198.25 points. Technically, momentum indicators suggest a positive trend, as the index remains above its short-term and long-term moving averages. A small black candle formed on the daily chart, closing above the previous few days' closing levels, indicating the potential for the bullish trend to continue. On the upside, the index faces intraday resistance at 51,450. If it surpasses this level, the bullish trend will likely persist in the coming days. The nearest intraday support is at 51,300.
Intraday Levels: Support: 51,300, 51,150, 51,000 Resistance: 51,450, 51,600, 51,750 (15-Minute Charts)
Positional Trading: Short-term Support: 51,000, 49,600 Resistance: 52,500, 53,400
