Nifty Technical Outlook

Based on Market Closing on Tuesday, November 12, 2024

In the latest trading session, the Nifty closed at 23,883.45, down by 257.85 points or 1.07%. The index’s downward momentum could persist if it falls below the immediate support at 23,800.

The session began on a positive note with the Nifty opening at 24,225.80 and reaching an intraday high of 24,242.00. However, it faced a sharp decline, hitting an intraday low of 23,839.20 before closing at 23,883.45. Sector-wise, realty and IT outperformed, while auto, PSU banks, financial services, and FMCG were the major laggards. Market breadth remained weak, with 613 stocks advancing, 2,042 declining, and 120 unchanged. Among the top gainers were TRENT, INFY, SUN PHARMA, and HCLTECH, while BRITANNIA, BEL, NTPC, and HDFCBANK led the losses.

From a technical perspective, momentum indicators point to a negative trend, with the Nifty trading below its short-term and medium-term moving averages. The index formed a long black candle on the daily chart, closing near the day’s low, indicating sustained bearish momentum. Key support is at 23,800; a break below this level could signal further downside. Given the index's oversold condition, a pullback rally could emerge if it maintains a support level of 23800. The nearest intraday resistance is at 23,900.

Trading Levels  Intraday:  Support: 23,800, 23,700, 23,600 Resistance: 23,900, 24,000-24,100 (15-Minute Charts)

Positional Trading:  Short-term Support: 23,800 - 23,350 Resistance: 24,500 - 25,200

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 51,157.80, down by 718.95 points. While momentum indicators suggest a positive underlying trend, the index closed below its short-term and medium-term moving averages. Additionally, it formed a black candle on the daily chart, closing lower than the previous day’s close, signaling a negative bias. The index has short-term support at 51,000, while the nearest intraday resistance is at 51,300.

Bank Nifty remains under pressure with a negative bias as it trades below key moving averages and faces resistance near 51,300. If the index falls below the 51,000 support level, the downtrend could deepen. However, sustaining this support may provide a base for potential recovery. Overall, caution is advised as the index shows signs of bearish momentum in the short term.

Trading Levels  Intraday: Support: 51,000, 50,750, 50,500 Resistance: 51,300, 51,525, 51,800

Positional Trading: Short-term Support: 51,000–50,000 Resistance: 52,400–53,500