NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Tuesday, January 14, 2025
The Nifty closed at 23,176.05, gaining 90.10 points or 0.39 percent in the preceding session. For the positive trend to continue, the index must close above the short-term resistance level of 23,250.
In the previous session, the Nifty opened with an upward gap at 23,165.90 and reached an intraday high of 23,264.90. Thereafter, it traded sideways before closing at 23,176.05. Most sectors, except IT and FMCG, ended on a positive note, with PSU banks, metals, media, and the auto sector emerging as the biggest gainers. The market breadth was positive, with 2,005 stocks rising, 746 falling, and 93 remaining unchanged. The top gainers in the Nifty were ADANIENT, HINDALCO, ADANI PORTS, and SHRIRAMFIN, while HCLTECH, HINDUNILVR, APOLLOHOSP, and TITAN were the top losers.
From a technical perspective, momentum indicators suggest a negative trend as the Nifty remains below its short-term and long-term moving averages. However, the formation of a small white candle on the daily chart, along with a close above the previous day’s level, indicates mild bullishness. On the higher side, 23,250 acts as short-term resistance; a close above this level could extend the positive momentum, with the next resistance at 23,500. On the downside, 23,140 is the immediate intraday support; a breach of this level could resume the recent downtrend.
Intraday Levels: Support: 23,140, 23,050, 22,950 Resistance: 23,275, 23,365–23,500
Positional Trading Levels: Support: 22,750–22,250 Resistance: 23,250–23,500
The Nifty’s technical setup reflects cautious optimism, with resistance at 23,250 acting as a key level to sustain the positive trend. A decisive close above this level could pave the way for further gains toward 23,500, while failure to do so may lead to renewed selling pressure. Traders are advised to monitor these critical levels and align their strategies accordingly.
BANK NIFTY TECHNICAL OUTLOOK
In the preceding session, Bank Nifty closed at 48,279.15, registering a strong gain of 687.90 points. While momentum indicators continue to suggest a negative trend, the index managed to close above its short-term resistance level of 48,300, forming a white candle on the daily chart. This close above the resistance indicates the possibility of a positive bias in the coming days.
The nearest intraday resistance is at 48,950, and a breakout above this level could lead to further upside. Conversely, intraday support is seen at 48,575, with additional support levels at 48,250 and 48,000.
Intraday Levels: Support: 48,575, 48,250, 48,000 Resistance: 48,950, 49,275, 49,550
Positional Trading Levels: Support: 48,300–47,250 Resistance: 48,600–50,700
The Bank Nifty’s technical setup signals cautious optimism following its close above the key resistance at 48,300. If the index sustains above this level, it could build on its positive momentum, with resistance at 48,950 being a critical hurdle. A breach of this resistance may lead to a sharper recovery. However, if the index falls below 48,300, the recent bearish trend could resume, targeting lower support levels. Traders should remain vigilant and align their strategies with these pivotal levels.
FII/FPI & DII Trading Activity in the Capital Market Segment (NSE, BSE, and MSEI)
Date: January 14, 2025
FIIs/FPI Activity: Net Sell: ₹ 8132 crore Total Buy: ₹ 13794 crore Total Sell: ₹ 21926 crore
DIIs Activity: Net Buy: ₹ 7901 crore Total Buy: ₹ 17836 crore Total Sell: ₹ 9935 crore
Global Market Update
On January 14, U.S. markets exhibited a mixed trend. The Dow Jones gained 221.16 points (+0.52%), closing at 42,518.28, while the Nasdaq saw a minor decline of 43.71 points (-0.23%), ending at 19,044.39. European markets also reflected mixed sentiment, with the FTSE closing in the red, whereas the DAX and CAC ended in the green.
In Asian markets this morning, a similar mixed trend prevailed. The NIKKEI was trading at 38,595, up by 95 points, while the HANG SENG showed negative momentum, trading at 19,227, down by 25 points.
As of 7:45 AM IST, the GIFT Nifty was trading at 23,284, up 19 points from its previous close, indicating a likely positive opening for the Indian Nifty index today.