NIFTY Technical Outlook

Based on Market Closing on Friday, August 23, 2024

In the last trading session, the Nifty closed at 24,823.15, up 11.65 points or 0.05%. The positive trend is expected to continue if the Nifty moves above the intraday resistance level of 24,850.

The Nifty opened with a positive bias at 24,845.40 and tested the intraday high of 24,858.40 during the morning trade. However, the index traded within a narrow range throughout the session and ultimately closed at 24,823.15. All sectors, except auto, closed with a negative bias. Realty, media, IT, and PSU banks were the biggest sector losers. The market breadth was negative, with 1,229 stocks rising, 1,337 falling, and 112 remaining unchanged. The top gainers in the Nifty index were Bajaj Auto, Coal India, Tata Motors, and Sun Pharma, while the major losers included ONGC, Wipro, Divi's Laboratories, and LTIM.

Technically, momentum indicators signal a bullish trend, with the Nifty remaining above both short-term and long-term moving averages. The index formed a small black candle on the daily chart but closed above the previous day's close, suggesting a continuation of the upward trend. On the upside, the index faces intraday resistance at the 24,850 level. If the index moves above this level, the bullish momentum will likely persist. The nearest intraday support is at the 24,775 level.

Intraday Levels:  Support: 24,775, 24,700, 24,620 Resistance: 24,850, 24,925-25,000 (15-Minute Charts)

Positional Trading: Short-term Support: 24,475-23,900 Resistance: 25,100-25,600

Bank Nifty Technical Outlook

In the previous trading session, Bank Nifty closed at 50,933.45, registering a loss of 52.25 points. From a technical perspective, momentum indicators suggest a positive trend, with the index remaining above its short-term and long-term moving averages. However, the index formed a small black candle on the daily chart and closed just below the previous day's close, indicating the possibility of a consolidation phase.

On the upside, the index faces short-term resistance at the 51,000 level. If the index closes above this level, a bullish trend could be expected in the coming days. The nearest intraday support is at 50,875.

Intraday Levels: Support: 50,875, 50,650, 50,400 Resistance: 51,075, 51,300, 51,500 (15-Minute Charts)

Positional Trading: Short-term Support: 49,600-48,200 Resistance: 51,000-52,500