NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Friday, February 14, 2025

The Nifty ended the session at 22,929.25, down 102.15 points (-0.44%). The downtrend may extend if the index moves below the key support level of 22,770.

Nifty opened with a positive bias at 23,096.40, reaching an intraday high of 23,133.70 in the morning session. However, the index gradually declined, hitting an intraday low of 22,774.80 before closing at 22,929.25. Sectoral performance was broadly negative, with media, pharma, PSU banks, and metals being the biggest losers. Market breadth remained weak, with 342 stocks advancing, 2,392 declining, and 136 unchanged. Top Gainers under the nifty were BRITANNIA, ICICIBANK, NESTLEIND, INFY, while the top Losers: ADANIPORTS, BEL, ADANIENT, TRENT

Technical Analysis: Momentum indicators signal a negative trend, with the index trading below both its short-term and long-term moving averages. Additionally, the Nifty formed a black candle after two consecutive Doji candles on the daily chart, closing below the previous close is an indication of bearish sentiment. On the downside, 22,770 serves as a crucial short-term support level. If breached, further downside momentum can be expected. On the upside, 23,000 is the nearest resistance and a sustained move above this level could indicate a shift toward a positive trend.

A cautious approach is advised, with a focus on support levels for potential breakdowns and resistance levels for trend reversals.

Key Levels: Intraday Levels: Support: 22,900, 22,770, 22,665 Resistance: 23,000, 23,100-23,200 (15-Minute Charts)

Positional Trading Levels: Support: 22,770-22,600 Resistance: 23,250-23,800

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, Bank Nifty closed at 49,099.45, down 260.40 points.

Technical indicators suggest a neutral trend, but the index continues to trade below both its short-term and long-term moving averages. Additionally, the index formed a black candle on the daily chart, closing below the previous close, indicating a negative bias. The immediate short-term support is at 48,750. A breakdown below this level could extend the downtrend in the coming days. Conversely, if the index holds above this level, it may consolidate before making a directional move. On the upside, 49,200 serves as the nearest intraday resistance. A sustained move above this level is essential to indicate a shift towards a positive trend.

Key Levels: Intraday Trading (15-Minute Charts):  Support: 49,000, 48,700, 48,450 Resistance: 49,200, 49,500, 49,800

Positional Trading: Support: 48,750–47,750 Resistance: 49,750–50,700