Nifty Technical Outlook

Based on Market Closing on Wednesday, October 30, 2024

In the last trading session, Nifty closed at 24,340.85, down 126.00 points or 0.51%. The negative bias may persist if the index falls below the key intraday support at 24,300.

During the session, Nifty opened lower at 24,371.40, initially climbing to an intraday high of 24,498.20 before retreating in the afternoon to an intraday low of 24,307.30, eventually settling at 24,340.85. Sector performance was mixed, with media, FMCG, metal, and auto leading gains, while financial services, pharma, banks, and IT faced losses. Market breadth was positive, with 2,005 stocks advancing, 636 declining, and 117 unchanged. Leading gainers included ADANIENT, TATACONSUM, HEROMOTOCO, and BRITANNIA, while CIPLA, SHRIRAMFIN, SBILIFE, and TRENT were top losers.

Technically, momentum indicators suggest a continued negative trend, with Nifty trading below its short- and medium-term moving averages. Additionally, a black candle formed on the daily chart, closing below the prior session's close, further reinforcing a bearish outlook. The index’s intraday support stands at 24,300, and a sustained move below this level could lead to further downside. On the upside, the nearest intraday resistance is at 24,400, and a break above this level could trigger a pullback rally.

Intraday Levels: Support: 24,300, 24,220, 24,130 Resistance: 24,400, 24,500-24,600 (15-Minute Charts)

Positional Trading: Short-term Support: 24,000, 23,350 Resistance: 24,450, 25,200

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 51,807.50, down by 513.20 points. Technically, momentum indicators continue to suggest a positive trend, with the index trading above its short-term moving averages. However, it formed a black candle on the daily chart, closing within the prior day’s long white candle, which resembles a Bearish Harami pattern. This pattern hints at a potential reversal of the bullish trend. To confirm this reversal, Bank Nifty would need to trade and sustain below the Harami pattern’s low.

On the downside, intraday support is at 51,750, with resistance around 52,100. A move below 51,750 may indicate a continuation of the downtrend, while a bounce from this level could signal a pullback rally.

Intraday Levels: Support: 51,750, 51,500, 51,280 Resistance: 52,100, 52,400, 52,700 (15-Minute Charts)

Positional Trading: Short-term Support: 51,000–50,000 Resistance: 52,400–53,675