NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Friday, April 04, 2025

The Nifty closed sharply lower in the previous session, ending at 22,904.45, down 346.65 points or 1.49%. The bearish trend is likely to continue if the index trades and sustains below the 23,000 mark.

Market Recap:The index opened on a weak note at 23,190.40 and remained under pressure throughout the session, hitting an intraday low of 22,857.40 before settling at 22,904.45. All sectors ended in the red, barring Financial Services. Major drags were seen in Metals, Pharma, Realty, and IT stocks. Market breadth was negative, with 2,190 stocks declining, 551 advancing, and 150 remaining unchanged.Top gainers in the Nifty were TATACONSUM, BAJFINANCE, HDFCBANK, and NESTLEIND, while TATASTEEL, HINDALCO, ONGC, and TATAMOTORS led the losers.

From a technical perspective, momentum indicators reflect a neutral to negative bias. The index has closed below its short-term moving averages and formed a long bearish candle on the daily chart, reinforcing the weakness. A sustained move below 23,000 may extend the current downtrend. The immediate intraday support is seen at 22,850, while resistance is placed at 22,930.

Global cues remain weak, with world markets trading sharply lower. GIFT Nifty is down 848.00 points, currently at 22,111.00, indicating a significant gap-down opening for Indian markets.

Intraday Levels (15-Minute Chart) Support: 22,850 / 22,750 / 22,650 Resistance: 22,930 / 23,025 / 23,130

Positional Outlook: Support: 22,600 – 22,000 Resistance: 23,000 – 23,400

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, Bank Nifty closed at 51,502.70, down by 94.75 points. While technical indicators continue to reflect a positive trend, with the index trading above its short-term moving averages, the formation of a bearish black candle on the daily chart just below the previous day's close , suggests emerging weakness and a slightly negative bias.

On the upside, the index faces immediate resistance at 51,750. A close above this level could reaffirm the bullish trend and lead to further upside in the coming sessions. However, failure to break above this resistance may keep the index in a consolidation or mild downtrend.

Intraday levels (15-minute chart): Support: 51,350 / 51,130 / 50,915 Resistance: 51,600 / 51,850 / 52,050

Positional levels: Support: 50,600 – 49,750 Resistance: 51,750 – 53,000