NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Tuesday, February 11, 2025
The Nifty ended the previous session at 23,071.80, down 309.80 points (-1.32%). The downtrend is likely to persist if the index closes below the short-term support level of 23,000.
In the previous session, Nifty opened flat at 23,383.60, witnessed a sharp decline, hitting an intraday low of 22,986.70, and eventually settled at 23,071.80. All sectors closed in the red, with realty, media, auto, and PSU banks being the worst performers. The market breadth remained negative, with 253 stocks advancing, 2,496 declining, and 115 unchanged. The top Nifty gainers were ADANIENT, GRASIM, TRENT, and BHARTIARTL, while EICHERMOT, APOLLOHOSP, SHRIRAMFIN, and COALINDIA led the declines.
The momentum indicators suggest a neutral trend, while the Nifty continues to trade below its short-term moving averages. The formation of the fifth consecutive black candle on the daily chart indicates sustained bearish momentum, as the index closed lower than the previous session. The key support level stands at 23,000, and a close below this mark could trigger further downside. On the upside, 23,100 serves as immediate resistance, and the index must sustain above this level to signal a potential recovery.
Intraday Levels (15-Minute Charts): Support: 23,000, 22,900, 22,800 Resistance: 23,100, 23,200, 23,300
Positional Trading Levels: Short-term support: 23,000–22,500 Resistance: 23,500–24,200
Bank Nifty Technical Outlook
In the previous session, Bank Nifty closed at 49,403.40, recording a loss of 577.60 points. While technical indicators suggest an overall positive trend, the index closed below its short-term moving averages, signaling weakness. Additionally, the formation of a black candle on the daily chart, along with a close below the previous session’s level, indicates a negative bias. On the upside, immediate resistance is seen at 49,600. If the index fails to break above this level, the downtrend is likely to continue. The nearest intraday support is at 49,200, with further downside levels at 48,900 and 48,600.
For intraday traders, key support levels are 49,200, 48,900, and 48,600, while resistance is placed at 49,470, 49,750, and 50,000.
Positional traders should monitor short-term support between 48,750–47,750, with resistance at 49,600–50,700.