NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Tuesday, February 18, 2025

The Nifty closed at 22,951.30, down 8.20 points or 0.04% in the previous session. For a sustained positive trend, the index needs to move above the 23,000 level.

Nifty opened with a positive bias at 22,963.70, tested the intraday high of 22,992.50 in the morning session, but later declined to an intraday low of 22,801.50 before closing at 22,951.30. Sector-wise, IT, metal, realty, and financial services were the top gainers, while FMCG, auto, pharma, and PSU banks lagged. Market breadth remained negative, with 627 stocks advancing, 2,104 declining, and 141 unchanged. The top Nifty gainers were NTPC, TECHM, WIPRO, and POWERGRID, while INDUSINDBK, TRENT, BRITANNIA, and HINDUNILVR were the major losers.

Technical Analysis

Momentum indicators continue to signal a negative trend, with the index trading below both its short-term and long-term moving averages. The formation of a black candle on the daily chart, closing lower than the previous session, suggests a bearish sentiment. However, the long lower shadow indicates buying interest near the support zone. On the downside, key support lies in the 22,770–22,600 range. A decisive close below this zone could extend the recent downtrend. Conversely, if the index sustains above these levels, it may enter a consolidation phase. For a pullback rally, the index must surpass the 23,000 resistance level.

Trading Levels

  Intraday Levels (15-Minute Charts): Support: 22,900, 22,800, 22,700 Resistance: 23,000, 23,100, 23,230

Positional Trading Levels: Short-term Support: 22,770–22,600 Resistance: 23,250–23,800

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 49,092.95, recording a loss of 165.95 points. The technical indicators suggest a negative trend, with the index trading below its short-term and long-term moving averages. Additionally, a black candle formed on the daily chart, closing within the previous candle’s range, signaling a potential consolidation phase.

On the downside, immediate support is seen at 48,750. A decisive close below this level could extend the downtrend in the coming sessions. However, if the index holds above this level, it may consolidate for a few days. On the upside, intraday resistance is placed at 49,200. A breakout above this level is required to trigger a pullback rally.

Key Levels:

 Intraday Support: 48,850, 48,600, 48,300 Intraday Resistance: 49,200, 49,500, 49,800

Positional Support: 48,750–47,750 Positional Resistance: 49,750–50,700