NIFTY Technical Outlook

Based on Market Closing on Wednesday, July 03, 2024

In the last trading session, the Nifty closed at 24,286.80, up 162.65 points or 0.67 percent. The bullish trend is expected to continue if the index remains above the 24,250 level.

The Nifty opened at 24,291.80 with a positive bias, tested the record high of 24,309.20, and closed at 24,286.80. All sectors, except media, closed on a positive note. Major gainers included banks, financial services, metals, and FMCG sectors. Market breadth was positive with 1,500 stocks rising, 1,015 falling, and 118 remaining unchanged. Top gainers in the Nifty index were TATACONSUM, ADANIPORTS, KOTAKBANK, and HDFCBANK, while major losers included TCS, TITAN, RELIANCE, and TATAMOTORS.

From a technical standpoint, momentum indicators signal a positive trend. The Nifty remains above both long-term and short-term moving averages. Additionally, the index formed a Doji candle on the daily chart and closed at a record high, indicating the continuation of the bullish trend. The index has short-term support at the 24,250 level. If the index trades and sustains above this level, the bullish trend is likely to continue today. The nearest intraday resistance is at 24,325 levels.

Intraday Levels: Support: 24,250, 24,175, 24,100 Resistance: 24,325, 24,400-24,475 (15-Minute Charts)

Positional Trading: Short-term Support: 24,250-23,800 Resistance: 24,750-25,250

Bank Nifty Technical Outlook

In the preceding trading session, Bank Nifty closed at a record high of 53,089.25, registering a gain of 921.15 points. Technically, momentum indicators signal a positive trend, and the index remains above both medium-term and long-term moving averages. Additionally, the index formed a white candle on the daily chart and closed near the record high, indicating continued bullish momentum. On the higher side, the index faces short-term resistance at the 53,250 level. If the index closes above this level, the bullish trend can persist in the coming days. The nearest intraday resistance is at 53,250.

Intraday Levels: Support: 53,000, 52,750, 52,500 Resistance: 53,250, 53,500, 53,750 (15-Minute Charts)

Positional Trading: Short-term Support: 51,900-50,650 Resistance: 53,250-54,500