Nifty Technical Outlook
Based on Market Closing on Friday, November 22, 2024

The Nifty closed at 23,907.20 in the previous session, marking a sharp gain of 557.35 points or 2.39%. The positive trend is expected to continue today if the index stays above the 23,800 level.

In the last session, Nifty opened positively at 23,411.80, maintained its upward momentum throughout the day, and hit an intraday high of 23,956.10 before closing at 23,907.20. Except for the media sector, all sectors ended with a positive bias, with IT, realty, PSU banks, and FMCG sectors leading the gains. Market breadth was strong, with 1,678 stocks advancing, 982 declining, and 121 remaining unchanged. Among Nifty constituents, SBIN, TCS, TITAN, and ULTRACEMCO were the top gainers, while BAJAJ-AUTO was the only stock to close in the red.

From a technical perspective, momentum indicators suggest a negative trend, but the index closed above its short-term and long-term moving averages. Additionally, the Nifty formed a long white candle on the daily chart and closed well above the prior day’s close, signaling the potential for the uptrend to continue. The Nifty is showing strong bullish momentum, supported by its position above key moving averages and positive market breadth. If it holds above the 23,800 support level, the uptrend is likely to continue, with the next resistance at 24,500. However, a drop below 23,800 might signal the possibility for a correction

Key Levels to Watch: Support: 23,800, 23,700, 23,575 Resistance: 23,950, 24,100-24,250 (15-minute charts)

Short-term Outlook for Positional Traders: Support: 23,800 - 23,150 Resistance: 24,500 - 25,000

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 51,135.40, gaining 762.50 points. Although momentum indicators suggest a negative trend, the index managed to close above its short-term moving averages. Additionally, a white candle formed on the daily chart, closing near the day’s high, signaling the potential for the uptrend to continue.

Despite negative momentum indicators, Bank Nifty is showing signs of an uptrend, supported by its position above short-term moving averages and a strong daily candle. If the index remains above 51,000, the bullish trend could continue, with the next target at 52,400. Traders should monitor key support and resistance levels closely for any signs of a trend reversal. 

Intraday Trading Levels: Support: 51,000, 50,750, 50,500 Resistance: 51,275, 51,500, 51,750 Positional Trading Levels: Support: 51,000 - 49,600 Resistance: 52,400 - 53,500