Nifty Technical Outlook

Based on Market Closing on Thursday, October 24, 2024

In the latest trading session, Nifty ended at 24,399.40, down by 36.10 points, marking a -0.15% decline. The negative bias is expected to persist if the index stays below the immediate resistance level of 24,450.

The session began with a weak opening at 24,412.70. Before moving further down, Nifty tested the intraday high of 24,480.70. It then fell to an intraday low of 24,341.20 before closing at 24,399.40. On the sectoral front, banking, pharma, and financial services emerged as the top gainers, while FMCG, realty, auto, and metals were the major losers. The market breadth remained negative, with 902 stocks advancing, 1,691 declining, and 156 remaining unchanged. ULTRACEMCO, SHRIRAMFIN, TITAN, and GRASIM were the top gainers, while HINDUNILVR, SBILIFE, HINDALCO, and NESTLEIND led the losers.

From a technical perspective, momentum indicators continue to point toward a bearish trend, with Nifty staying below its short and medium-term moving averages. Although the index formed a small white candle on the daily chart, it closed just below the previous session’s close, indicating a potential continuation of the downtrend. If the index remains below the 24,450 resistance, the bearish sentiment may extend further. The next short-term support is at 24,000. However, with the momentum indicators nearing oversold levels, a pullback rally could be expected if the index surpasses the intraday resistance at 24,535.

Intraday Levels  Support: 24,355, 24,260, 24,165 Resistance: 24,450, 24,535–24,635 (15-Minute Charts)

Positional Trading Short-term support: 24,000, 23,365 Resistance: 24,450, 25,200

Bank Nifty Technical Outlook

In the last trading session, Bank Nifty closed at 51,535.15, gaining 292.15 points. While the momentum indicators still point to a negative trend, the index remains below its short-term moving averages. However, the index formed a small white candle on the daily chart and closed higher than the previous day's close, signaling a slightly positive bias.

On the downside, the index has intraday support at 51,400, with resistance at 51,675. If Bank Nifty moves above the 51,675 level, the positive trend may continue.

Intraday Levels  Support: 51,400, 51,135, 50,850 Resistance: 51,675, 51,900, 52,200

Positional Trading  Short-term support: 50,500–49,650 Resistance: 52,000–53,350