Nifty Technical Outlook
Based on Market Closing on Wednesday, November 27, 2024

Nifty closed at 24,274.90, gaining 80.40 points (+0.33%). The index needs to surpass the intraday resistance at 24,350 to sustain its uptrend. In the previous session, Nifty opened positively at 24,204.80 and maintained its upward trajectory throughout the day, reaching an intraday high of 24,354.60 before closing slightly lower.

Sectoral gainers included media, metals, financial services, and auto, while pharma, realty, IT, and PSU banks lagged. Market breadth was positive, with 1,757 stocks advancing, 856 declining, and 168 remaining unchanged. Top gainers were ADANIENT, ADANI PORTS, BEL, and TRENT, while APOLLOHOSP, TITAN, WIPRO, and SHRIRAMFIN were the major losers.

From a technical perspective, momentum indicators suggest a positive trend, with Nifty trading above its long- and short-term moving averages. The formation of a white candle on the daily chart, closing above the previous session's level, signals a bullish bias. Over the last three sessions, the index has been consolidating within a range of 24,125–24,350. A breakout from this range will likely determine the next directional move.

 Nifty’s consolidation phase indicates a potential breakout is imminent. Sustaining above 24,350 will be critical for the index to continue its upward momentum, targeting 24,500 and beyond. Conversely, a move below 24,150 may signal a short-term pullback. Traders should watch these key levels to align their strategies with the prevailing market trend.

Intraday Levels (15-Minute Charts): Support: 24,150, 23,950, 23,765 Resistance: 24,350, 24,500–24,650

Positional Levels: Support: 23,800–23,150 Resistance: 24,500–25,000

Bank Nifty Technical Outlook

In the last session, Bank Nifty closed at 52,301.80, gaining 110.30 points. Technically, momentum indicators reflect a positive trend, with the index trading above both its short-term and long-term moving averages. The formation of a white candle on the daily chart, closing higher than the previous session, indicates a bullish bias.

 Immediate short-term resistance lies at 52,400, and a close above this level could reinforce the positive trend in the coming sessions. However, failure to break this level may lead to consolidation. On the downside, if the index sustains below 52,000, it may revisit the gap area formed recently.

Intraday Levels (15-Minute Charts): Support: 52,250, 52,000, 51,700 Resistance: 52,550, 52,800, 53,000

Positional Levels: Support: 51,000–49,600 Resistance: 52,400–53,500