Nifty Technical Outlook
(Based on Market Closing on Tuesday, September 17, 2024)
In the last trading session, the Nifty closed at 25,418.55, gaining 34.80 points, or 0.14%. For the bullish trend to persist, the index must break through the intraday resistance level of 25,450.
The session began with a positive bias as the Nifty opened at 25,416.90. The index then touched an intraday low of 25,352.30 before recovering and trading within a narrow range, eventually closing near its opening level at 25,418.55. Among sectoral performers, realty, auto, private banks, and IT were the top gainers, while media, PSU banks, metals, and pharma sectors underperformed. The overall market breadth was negative, with 984 stocks advancing, 1,597 declining, and 133 remaining unchanged. Leading the gains were stocks like HEROMOTOCO, BAJAJ-AUTO, BHARTIARTL, and NTPC, while TATA MOTORS, EICHERMOT, ADANIPORTS, and COALINDIA topped the losers' list.
From a technical perspective, momentum indicators reflect a positive trend, and the Nifty continues to trade above its short-term and long-term moving averages. A Doji candle formation on the daily chart and closed just above the previous day's close. This pattern suggests that the market may enter a brief consolidation phase before making a decisive move. The key resistance for the index remains at 25,450, and sustained movement above this level is crucial to maintaining the upward trajectory. On the downside, immediate support is seen at 25,340.
Intraday Levels: Support: 25,340, 25,260, 25,150 Resistance: 25,450, 25,525–25,600 (15-Minute Charts)
Positional Trading: Short-term Support: 25,350–24,800 Resistance: 25,850–26,350
Bank Nifty Technical Outlook
In the last trading session, Bank Nifty closed at 52,188.65, gaining 35.50 points. Technically, momentum indicators point to a positive trend, with the index maintaining its position above both short-term and long-term moving averages. A small black candle formation appeared on the daily chart, but the index still closed higher than the previous day’s close, signaling continued bullish momentum.
On the upside, Bank Nifty faces immediate intraday resistance at the 52,300 level, while key support is located at 52,050. A breakout above the 52,300 resistance could further fuel the ongoing positive trend. However, failure to breach this level may lead to consolidation in the coming sessions.
Intraday Levels: Support: 52,050, 51,875, 51,680 Resistance: 52,300, 52,500, 52,700 (15-Minute Charts)
Positional Trading: Short-term Support: 51,750–50,700 Resistance: 52,775–53,400