NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Tuesday, January 28, 2025
The Nifty ended the session at 22,957.25, gaining 128.10 points (+0.56%). The positive trend is likely to continue if the index sustains above the key resistance level of 23,000.
The index opened on a strong note at 22,960.40 and continued its upward momentum, reaching an intraday high of 23,137.90. However, profit booking in the later session pulled the index down to 22,957.25 at closing. Among the sectors, realty, financial services, and banking led the gains, while pharma, media, IT, and metals underperformed. The market breadth was negative, with 773 stocks advancing, 1,995 declining, and 87 unchanged.
Technically, momentum indicators suggest a weak trend, with the Nifty trading below its medium- and long-term moving averages. However, the formation of a Doji candle on the daily chart, along with a close above the previous day’s level, signals a positive bias. The Nifty’s near-term trend will depend on whether it can hold above the Immediate Resistance 23,000. A breakout could drive further gains, while failure to sustain could lead to consolidation or downside pressure. Traders should watch key support levels at 22,900
Intraday Levels: Support - 22900, 22800, 22700 Resistance - 23000, 23135-23250 (15-Minute Charts)
Positional Trading: Short-term support - 22500-22000 Resistance - 23000- 23500.
Bank Nifty Technical Outlook
In the preceding session, Bank Nifty closed at 48,866.85, registering a gain of 802.20 points. Technically, momentum indicators suggest a positive trend, with the index closing above its short-term moving averages. The formation of a white candle on the daily chart and a close above the previous day's high indicates a bullish bias.
On the downside, the index has intraday support at 48,800. If it sustains above this level, the positive momentum may continue in the coming sessions. The nearest intraday resistance is at 49,200.
Intraday Levels Support: 48,800, 48,550, 48,300 Resistance: 49,200, 49,500, 49,800
Positional Trading Levels Support: 48,000–47,000 Resistance: 49,600–50,700
