NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, February 19, 2025

The Nifty 50 closed at 22,932.90, down 12.40 points (-0.05%). The index continues to consolidate, and if it holds the support zone of 22,770–22,600, this phase may extend for a few more sessions.

The session began on a weak note with Nifty opening at 22,847.30 and slipping to an intraday low of 22,814.80 during morning trade. However, the index rebounded, touching a high of 23,049.90 before closing near 22,932.90. Sector-wise, PSU Banks, Media, Metals, and Private Banks outperformed, while IT, Pharma, and FMCG lagged. Market breadth remained positive, with 2,140 stocks advancing, 725 declining, and 62 unchanged. Top gainers included BEL, HINDALCO, EICHERMOT, and AXISBANK, while DRREDDY, TCS, INFY, and HINDUNILVR were the biggest losers.

 Technically, the index remains under pressure, trading below its short-term and long-term moving averages, with momentum indicators signaling weakness. A white candle was formed on the daily chart, but the close remained below the previous session. Key support lies in the 22,770–22,600 range, and a breakdown below this could resume the downtrend. Immediate resistance is seen at 23,000, and a breakout above this level could trigger a short-term pullback.

For intraday trading, support levels are at 22,900, 22,800, and 22,700, while resistance stands at 23,000 and 23,100–23,200.

 Positional traders should watch for short-term support at 22,770–22,600 and resistance at 23,250–23,800.

BANK NIFTY

The Bank Nifty closed at 49,570.10, gaining 482.80 points, despite technical indicators signaling a negative trend. The index remains below its short-term and long-term moving averages; however, it formed a long white candle on the daily chart and closed near the session's high, indicating buying momentum.

 The immediate resistance is at 49,750, and a close above this level could shift the short-term trend to positive. If the index fails to breach this resistance, it may consolidate below this level for the next few sessions. On the downside, 49,250 serves as the nearest intraday support, and a break below this level could trigger a minor decline.

 For intraday traders, key support levels are at 49,250, 49,000, and 48,750, while resistance is seen at 49,600, 49,800, and 50,100.

 Positional traders should watch for short-term support at 48,750–47,750, with resistance at 49,750–50,700.

 Overall, while Bank Nifty has shown strength with a positive close, a decisive breakout above 49,750 is needed to confirm trend reversal, whereas failure to do so may result in continued consolidation or minor downside movement.