Nifty Technical Outlook

Market Closing on Monday, September 23, 2024

In the latest trading session, Nifty reached a new all-time high, closing at 25,939.05, up 148.10 points or 0.57%. The bullish trend is expected to continue as long as the index remains above its short-term support level of 25,850.

Nifty opened with a positive bias at 25,872.60 and maintained this upward momentum throughout the session, testing a record high of 25,956 before closing just below it at 25,939.05. Except for the IT sector, all other sectors ended in positive territory, with notable gains in PSU banks, real estate, auto, and media. Market breadth was strong, with 1,602 stocks advancing, 1,026 declining, and 88 remaining unchanged. Top gainers in Nifty included M&M, Bajaj Auto, ONGC, and Hero MotoCorp, while the biggest losers were Eicher Motors, Divi’s Laboratories, ICICI Bank, and IndusInd Bank.

From a technical perspective, momentum indicators suggest continued strength, with Nifty holding above both short-term and long-term moving averages. The formation of a white candle on the daily chart, combined with a record close, reinforces the likelihood of further bullish movement.

The Nifty's strong close at a record high and positive market breadth suggest the continuation of the bullish trend in the coming sessions. With key support at 25,850 and momentum indicators reinforcing upward movement, the index is well-positioned for further gains. As long as Nifty holds above its support levels, it is likely to test higher resistance zones, with 26,000 being the next crucial level for intraday trading. A sustained break above this level could open the door for further upside toward 26,400in the near term. However, any slip below 25,850 may signal caution.

Intraday Levels: Support: 25,925, 25,850, 25,750 Resistance: 26,000, 26,075–26,150 (15-Minute Charts)

Positional Trading Levels: Short-term support: 25,850–25,350 Resistance: 26,400–27,000

Bank Nifty Technical Outlook

In the last trading session, Bank Nifty closed at 54,105.80, gaining 312.60 points. Technically, momentum indicators continue to signal a positive trend, with the index trading above both its short-term and long-term moving averages. Additionally, a white candle formation on the daily chart, combined with a record close, reinforces the likelihood of further bullish movement.

On the upside, Bank Nifty faces resistance at 54,500, while intraday support lies at 54,000. The bullish trend is expected to persist in the coming sessions as long as the index trades and sustains above the 54,000 level.

Intraday Trading Levels: Support: 54,000, 53,750, 53,500 Resistance: 54,250, 54,500, 54,750 (15-Minute Charts)

Positional Trading Levels: Short-term support: 53,400–52,100 Resistance: 54,500–55,600