NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, January 23, 2025

The Nifty closed at 23,205.35, up 50.00 points (0.22%) in the preceding session. The positive bias is expected to continue if the index holds above the intraday support level of 23,200.

During the session, the Nifty opened on a negative note at 23,128.30, hitting an intraday low of 23,090.70 in morning trade. However, the index gradually recovered, reaching an intraday high of 23,270.80, and closed at 23,205.35. The top-performing sectors were IT, media, pharma, and auto, while banks and financial services lagged. Market breadth was positive, with 1,482 stocks rising, 1,230 falling, and 141 remaining unchanged. Key gainers included ULTRACEMCO, GRASIM, WIPRO, and SHRIRAMFIN, while BPCL, KOTAKBANK, HCLTECH, and POWERGRID were the top losers.

From a technical perspective, momentum indicators continue to signal a negative trend, as the Nifty remains below its medium-term and long-term moving averages. However, the formation of a small white candle on the daily chart, coupled with a close above the previous day's level, suggests a slightly positive bias.

While the Nifty exhibits a slight positive bias, sustained movement above 23,300 is crucial for extending the upward momentum. Failure to hold above 23,200 could lead to consolidation or renewed selling pressure, with a potential retest of the 23,000 level. Traders should closely monitor these key levels for actionable opportunities.

Intraday Levels: Support: 23,200, 23,100, 22,975 Resistance: 23,300, 23,400–23,500 (15-Minute Charts)

Positional Trading Levels: Support: 23,000–22,500 Resistance: 23,500–24,200

BANK NIFTY TECHNICAL OUTLOOK

In the preceding session, Bank Nifty closed at 48,589, recording a loss of 135.40 points. Technically, momentum indicators suggest a prevailing negative trend, with the index trading below its medium-term and long-term moving averages.

The formation of a black candle on the daily chart, coupled with a close below the previous day's Doji candle, underscores a negative bias for the index. On the upside, the nearest intraday resistance lies at 48,800, while immediate support is at 48,500. A break below the support level could extend the negative trend today. Conversely, for a pullback rally, the index needs to decisively move above the 48,800 level.

Intraday Levels: Support: 48,500, 48,300, 48,065 Resistance: 48,800, 49,150, 49,475

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