Nifty Technical Outlook

Market Closing: Friday, September 13, 2024

In the last trading session, the Nifty closed at 25,356.50, down by 32.40 points (-0.13%). To maintain a positive trend, the index needs to break above the intraday resistance level of 25,435.

The session began with a positive bias, as the Nifty opened at 25,430.40. However, the index quickly dipped, hitting an intraday low of 25,292.40. After that, it traded within a narrow range before closing at 25,356.50. All sectors, except FMCG, ended on a positive note, with realty, media, PSU banks, and metals among the top gainers. The overall market breadth was positive, with 1,594 stocks advancing, 1,037 declining, and 74 remaining unchanged.

Among the Nifty's top gainers were Wipro, Bajaj Finance, Bajaj Finserv, and IndusInd Bank. On the losing side were SBI Life, Adani Ports, HDFC Life, and ITC.

From a technical perspective, momentum indicators suggest a continuation of the positive trend, with the Nifty staying above both short-term and long-term moving averages. However, the formation of a black candle on the daily chart and the close below the previous day's level signals a potential consolidation phase.

For the Nifty to resume its bullish momentum, it must surpass the 25,435 resistance level. Failing to do so could lead to continued consolidation for a few more sessions.

Intraday Levels: Support: 25,300, 25,200, 25,100 Resistance: 25,435, 25,525, 25,600 (15-Minute Charts)

Positional Trading: Short-term Support: 25,350 – 24,800 Resistance: 25,850 – 26,350

Bank Nifty Technical Outlook

In the previous trading session, Bank Nifty closed at 51,938.05, gaining 165.65 points. Momentum indicators continue to signal a positive trend, with the index remaining above both its short-term and long-term moving averages. On the daily chart, Bank Nifty formed a Doji candle and closed higher than the previous session, suggesting that bullish momentum is still intact.

Bank Nifty's technical setup suggests that the bullish trend is likely to continue as long as the index stays above key support level 51750. A decisive move above the 52,075 resistance could fuel further gains, while failure to break this level may result in a consolidation phase. Momentum remains favorable for the bulls, but traders should keep an eye on support and resistance levels for potential reversals.

For intraday traders, key support levels are at 51,850, 51,600, and 51,400, while resistance levels are seen at 52,075, 52,300, and 52,500 based on 15-minute charts.

Positional traders should monitor short-term support between 51,750 and 50,700, with resistance levels at 52,775 and 53,400.