NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Friday, September 27, 2024

In the last trading session, Nifty closed at 26,178.95, down by 37.10 points (-0.14%). A downward bias may persist if the index breaks below the intraday support at 26,150.

Nifty opened positively at 26,248.30 and tested a record high of 26,277.30 in the morning. However, it lost momentum and gradually declined, hitting an intraday low of 26,151.40 before settling at 26,178.95. Sector-wise, the biggest gainers were pharma, metals, PSU banks, and auto stocks, while media, realty, banking, and financial services lagged. Market breadth remained negative, with 1,294 stocks advancing, 1,332 declining, and 102 unchanged. Among Nifty stocks, top gainers included BPCL, Cipla, Sun Pharma, and Coal India, while Power Grid, Bharti Airtel, HDFC Bank, and ICICI Bank were the top losers.

Technically, momentum indicators suggest a positive trend, and Nifty remains above its short- and long-term moving averages. However, the formation of a small white candle on the daily chart, with a close below the previous day’s level, indicates a slightly negative bias. Key intraday support is at 26,150, and if the index falls below this level, a further decline is likely. Immediate resistance is at 26,225, and the index needs to break above this level to trigger a pullback rally.

Intraday Levels: Support: 26,150, 26,075, 26,000 Resistance: 26,225, 26,280-26,350 (15-minute charts)

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

BANK NIFTY TECHNICAL OUTLOOK

In the last trading session, Bank Nifty closed at 53,834.30, losing 541.05 points. While momentum indicators suggest a positive trend, with the index remaining above its short- and long-term moving averages, the formation of a long black candle on the daily chart indicates a negative bias. The index closed below the previous day’s level, reinforcing the bearish sentiment.

On the downside, Bank Nifty has immediate intraday support at 53,800, with resistance at 54,000. A break below 53,800 could lead to further downside today. However, if the index holds at this support level, a pullback rally could be expected.

Intraday Levels: Support: 53,800, 53,600, 53,400 Resistance: 54,000, 54,200, 54,400 (15-minute charts)

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