Nifty Technical Outlook
Based on Market Closing on Monday, November 25, 2024

Nifty closed at 24,221.90 in the previous session, up 314.65 points (+1.32%). The positive trend is expected to continue if the index stays above the 24,150 level. In the last session, Nifty opened positively at 24,253.60, reached an intraday high of 24,351.60 in the morning, and then moved sideways, hitting an intraday low of 24,135.40 before closing at 24,221.90. All sectors ended on a positive note, with the strongest performers being banks, realty, media, and financial services. Market breadth was robust, with 1,879 stocks advancing, 816 declining, and 85 unchanged. Key gainers included ONGC, LT, BEL, and BPCL, while JSWSTEEL, TECHM, INFY, and BAJAJ-AUTO were the main losers.

Technically, momentum indicators suggest a positive trend, as the index remains above its short- and long-term moving averages. A small black candle formed on the daily chart, closing significantly above the prior session's close, signaling a potential continuation of the uptrend. On the downside, short-term support lies at 24,150, while resistance is at 24,350.

The Nifty's strong performance in the previous session, backed by positive market breadth and sectoral strength, indicates bullish momentum. Staying above the key support level of 24,150 will likely sustain the uptrend, with potential to test the next resistance at 24,500 and beyond. However, traders should watch for any breach of support levels, which could signal a shift in 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 previous session, Bank Nifty closed at 52,207.50, gaining 1,072.10 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, signals the likelihood of the uptrend continuing. Immediate resistance lies at 52,400. Bank Nifty's strong momentum and bullish technical indicators suggest the uptrend is likely to continue if the index sustains above key support levels. A breakout above 52,400 could lead to further gains toward 53,550. However, traders should monitor the 52000 support level closely to manage risks in case of a breakdown.

Intraday Levels (15-Minute Charts): Support: 52,000, 51,700, 51,400 Resistance: 52,300, 52,600, 52,900

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