NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, January 30, 2025

The Nifty concluded the previous session at 23,249.50, marking a gain of 86.40 points or 0.37%. The index displayed a positive trend throughout the day, opening at 23,169.50 and reaching an intraday high of 23,322.10 before settling at 23,249.50. This upward movement suggests that the bullish momentum remains intact, provided the index sustains above the key resistance level of 23,300.
The top-performing sectors for the day were realty, pharma, FMCG, and financial services, while media, IT, auto, and PSU banks emerged as the major laggards. The market breadth remained positive, with 1,463 stocks advancing, 1,287 declining, and 107 remaining unchanged. Among the Nifty constituents, BEL, POWERGRID, HEROMOTOCO, and BHARTIARTL were the biggest gainers, whereas TATAMOTORS, ADANIENT, SHRIRAMFIN, and BAJAJFINSV were the top losers.

Technical Analysis:
From a technical perspective, the momentum indicators continue to signal a positive trend. The Nifty is trading above its short-term moving averages, reinforcing the bullish sentiment. The formation of a white candle on the daily chart, coupled with a close above the previous day's level, further supports the dominance of the bulls.  The index faces immediate resistance at 23,300, and a decisive break above this level could extend the ongoing upward momentum. On the downside, the nearest intraday support is placed at 23,200.

Key Levels: Intraday Support: 23,200, 23,125, 23,050 Intraday Resistance: 23,300, 23,400-23,500 (based on 15-minute charts)

Positional Trading Support: 23,000-22,500 Positional Trading Resistance: 23,500-23,500
The Nifty's technical setup remains favorable for the bulls, with momentum indicators and price action suggesting continued upward potential. However, the index needs to decisively breach the 23,300 resistance level to sustain the positive momentum. Traders should monitor key support and resistance levels closely, as a break below 23,200 could signal a temporary pullback. Overall, the market sentiment remains optimistic, with sectoral rotations likely to drive further movements in the near term.

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, the Bank Nifty closed at 49,311.95, gaining 146.00 points. The technical indicators suggest a positive trend, with the index trading above its short-term moving averages. Additionally, the formation of a white candle on the daily chart and a close above the previous day's level further reinforce the bullish bias.

The Bank Nifty's technical setup remains favorable for the bulls, with the index showing strength above key support levels. On the downside, the index has immediate intraday support at 49,200, while the resistance is placed at 49,500. Sustaining above the 49,200 level could help maintain the positive momentum in the coming sessions. The next short-term resistance is at 49,600, and a decisive close above this level would signal a stronger bullish trend. Overall, the index's positive bias is likely to continue if it holds above critical support levels.

Key Levels for Intraday Traders (15-Minute Charts): Support Levels: 49,200, 48,950, 48,700 Resistance Levels: 49,500, 49,800, 51,100

Positional Trading Levels: Support Zone: 48,000–47,000 Resistance Zone: 49,600–50,700