Nifty Technical Outlook

Based on Market Close: Monday, September 2, 2024

In the latest trading session, the Nifty ended at 25,276.70, marking an increase of 42.80 points or 0.17%. The positive trend is expected to persist as long as the index remains above the intraday support level of 25,250.

During the session, the Nifty reached an all-time high of 25,333.60 but was unable to sustain the momentum. It gradually declined to an intraday low of 25,235.50 before closing at 25,276.70. Sector-wise, FMCG, PSU banks, IT, and financial services were the main gainers, whereas metals, pharmaceuticals, media, and autos faced losses. The market breadth was negative with 1,085 stocks advancing, 1,514 declining, and 86 unchanged. Notable gainers within the Nifty index included Bajaj Finance, Bajaj Finserv, HCL Technologies, and Hero MotoCorp, while major losers were Hindalco, Dr. Reddy's Labs, Tata Motors, and NTPC.

From a technical perspective, momentum indicators suggest a bullish trend, with the Nifty remaining above both short-term and long-term moving averages. Although a black candle formed on the daily chart, the index closed above the previous day's close, indicating sustained bullish momentum. The Nifty Index is currently in a strong bullish phase, supported by its position above critical moving averages. As long as it maintains support at 25,250, the positive trend is expected to continue. Traders should monitor resistance at 25,350  levels to assess potential gains while keeping an eye on support levels to manage risk.

Intraday Levels: Support: 25,250, 25,160, 25,080 Resistance: 25,350, 25,425–25,500 (15-Minute Charts)

Positional Trading: Short-Term Support: 25,100–24,475 Resistance: 25,600–26,150

Bank Nifty Technical Outlook

Previous Trading Session Bank Nifty closed at 51,439.55, marking a gain of 88.55 points. Technical indicators suggest a positive trend, with the index holding above both short-term and long-term moving averages. Despite the formation of a black candle on the daily chart, the index closed higher than the previous day’s close, signaling the potential for continued bullish momentum.

The Bank Nifty is currently exhibiting a bullish trend supported by positive technical indicators. As long as the index maintains its position above the key support level of 51,300, the upward momentum is expected to continue. Traders should monitor resistance levels closely; a decisive move above 51,450 could signal further gains.

Intraday Trading Levels: Support: 51,300, 51,150, 51,000 Resistance: 51,450, 51,600, 51,750 (based on 15-minute charts)

Positional Trading Levels: Short-Term Support: 51,000–49,600 Resistance: 52,500–53,400