NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Tuesday, May 14, 2024

In the last trading session, the Nifty closed at 22,217.85, up 113.80 points or 0.51 percent. The positive bias will continue if the Nifty trades and sustains above the 22,250 level.

The Nifty opened the session at 22,112.90 on a positive note, hitting an intraday low of 22,081.30 in the morning trade. The index then gradually rose, reaching an intraday high of 22,270.10 before closing at 22,217.85. The biggest sector gainers were metal, auto, PSU banks, and realty, while the losers were FMCG and pharma. The market breadth was positive, with 1,829 stocks rising, 633 falling, and 144 remaining unchanged. The top gainers in the Nifty were ADANIENT, M&M, HEROMOTOCO, and LT, while the major losers included CIPLA, TCS, NESTLEIND, and TATACONSUM.

From a technical standpoint, the Nifty remains below the short-term moving averages. The momentum indicators signal a negative trend. However, the index formed a white candle on the daily chart and closed above the previous day's Hammer candlestick pattern, indicating that momentum is turning in favor of the bulls. On the higher side, the Nifty has short-term resistance at the 22,250 level. For the continuation of the uptrend, the index needs to trade and sustain above this level. The nearest intraday support is at the 22,170 level.

Intraday Levels: Support: 22,170, 22,080, 21,975 Resistance: 22,265, 22,355-22,440 (15-Minute Charts)

Positional Trading: Short-term support: 21,750-21,150 Resistance: 22,250-22,800

BANK NIFTY TECHNICAL OUTLOOK

In the last trading session, Bank Nifty closed at 47,859.45, gaining 105.35 points. Technically, momentum indicators suggest a negative trend, with the index remaining below short-term moving averages. However, the formation of a white candle on the daily chart and positioning above the short-term support level of 47,750 indicates the potential for an uptrend continuation. On the downside, the index has intraday support at 47,700, while resistance is at 47,925. To sustain the uptrend, the index needs to surpass the intraday resistance of 47,925.

For intraday traders, support levels are at 47,700, 47,480, and 47,240, while resistance levels are at 47,925, 48,150, and 48,400, as indicated by the 15-minute charts.

Positional traders should watch for short-term support levels at 47,750-46,650, with resistance at 48,500-49,500.