Nifty Technical Outlook
Based on Market Closing on Thursday, September 26, 2024

In the last trading session, the Nifty reached a record high, closing at 26,216.05, up by 211.90 points or 0.81%. The ongoing bullish trend is likely to continue if the index sustains above the crucial intraday support level of 26,100.

In the previous session, the Nifty opened flat at 26,005.40, gradually climbing to reach a record high of 26,250.90 and finally closing at 26,216.05. All sectors closed with a positive bias, with the biggest gains observed in the auto, metal, PSU banks, and FMCG sectors. However, market breadth leaned negative, with 1,006 stocks advancing, 1,608 declining, and 111 remaining unchanged. The top Nifty gainers included MARUTI, GRASIM, TATAMOTORS, and SHRIRAMFIN, while CIPLA, ONGC, LT, and HEROMOTOCO were among the top losers.

From a technical perspective, momentum indicators continue to signal a positive outlook. Nifty remains above both its short-term and long-term moving averages, and the formation of a white candle on the daily chart underscores the prevailing bullish sentiment.   As long as the index holds above the 26,100 support level, further upside toward the 26,400 and 27,000 levels is likely. However, a break below this support could trigger a short-term correction. Traders should monitor key levels closely and take a cautious approach in the coming sessions. 

Key Levels  Intraday Support: 26,200, 26,100, 25,900 Intraday Resistance: 26,300, 26,400-26,500 (15-Minute Charts)

Positional Trading Short-term Support: 25,850 - 25,350 Resistance: 26,400 - 27,000

Bank Nifty Technical Outlook

In the previous trading session, Bank Nifty closed at a record high of 54,375.35, gaining 273.70 points. From a technical perspective, momentum indicators signal a positive trend, with the index comfortably trading above both its short-term and long-term moving averages. Additionally, the formation of a white candle on the daily chart reinforces the bullish outlook, suggesting that the uptrend may continue.

On the higher side, immediate short-term resistance is seen at the 54,500 level, while intraday support lies at 54,200. If the index successfully breaks above the 54,500 resistance, further upward momentum can be expected in the coming sessions. However, if it fails to do so, the index might consolidate just below support before making its next move.

Key Levels for Traders Intraday Support: 54,200, 54,000, 53,800 Intraday Resistance: 54,400, 54,600, 54,800 (15-Minute Charts)

Positional Trading  Short-term Support: 53,400 - 52,100 Resistance: 54,500 - 55,600