Nifty Technical Outlook
Based on Market Closing on Friday, November 1, 2024
In the last trading session, the Nifty closed at 24,304.35, up by 99.00 points or 0.41%. The positive momentum may continue if the index remains above its intraday support at 24,300.
Nifty opened positively at 24,302.80, reached an intraday high of 24,368.30, and finally closed near its opening level at 24,304.35. All sectors closed with a positive bias, led by gains in auto, realty, PSU banks, and metals. Market breadth was robust, with 2,182 stocks advancing, 430 declining, and 148 remaining unchanged. Key gainers in the Nifty were M&M, ONGC, Adani Ports, and BEL, while top laggards included Dr. Reddy’s, Britannia, HCL Tech, and Tech Mahindra.
On the technical front, momentum indicators continue to reflect a negative trend, as the Nifty remains below its short- and medium-term moving averages. The index formed a Doji candle on the daily chart and closed slightly above the previous day's level, signaling a mild positive bias. Immediate intraday support lies at 24,300; if the index holds above this level, the pullback rally will likely continue. However, if it dips below, the index may look to fill the gap created in the previous session. Intraday resistance stands at 24,400, with a strong bullish trend requiring a close above 24,500.
Trading Levels Intraday (15-Minute Charts):Support: 24,300, 24,240, 24,165 Resistance: 24,400, 24,500-24,600
Positional Trading: Short-Term Support: 24,000-23,350 Resistance: 24,500-25,200
Bank Nifty Technical Outlook
In the last trading session, Bank Nifty closed at 51,673.90, up by 198.55 points, reflecting a positive trend. Technically, momentum indicators point to continued strength, with the index trading above its short-term moving averages. The daily chart shows a white candle, closing above the previous day's level, which suggests potential for further upside movement.
On the downside, Bank Nifty has immediate intraday support at 51,600, while resistance is positioned at 51,900. If the index holds above 51,600, the uptrend is likely to persist.
Trading Levels Intraday (15-Minute Charts): Support: 51,600, 51,320, 51,000 Resistance: 51,900, 52,200, 52,500
Positional Trading: Short-Term Support: 51,000–50,000 Resistance: 52,400–53,500
