NIFTY Technical Outlook

Based on Market Closing on Friday, June 07, 2024

In the last trading session, the Nifty closed at 23,290.15, up 468.75 points or 2.05 percent. The uptrend is expected to continue if the index surpasses the resistance level of 23,340.

The Nifty opened at 22,821.80 with a positive bias, and the upward trend persisted throughout the session. The index tested an intraday high of 23,320.20 before closing at 23,290.15. All sectors closed with a positive bias, with significant gains in the IT, auto, metal, and realty sectors. Market breadth was positive, with 2,032 stocks rising, 476 falling, and 105 remaining unchanged. The top gainers in the Nifty were M&M, WIPRO, TECHM, and INFY, while the major losers included SBILIFE and TATACONSUM.

From a technical standpoint, momentum indicators signal a positive trend. The Nifty remains above both its long-term and short-term moving averages. Additionally, the index formed a long white candle on the daily chart and closed near the day's high, indicating the potential for the uptrend to continue. On the higher side, the index has short-term resistance at 23,340 levels. The bullish trend will persist today if the index surpasses this level. The nearest intraday support is at 23,150 levels.

Intraday Levels  Support: 23,150, 22,900, 22,700 Resistance: 23,340, 23,550-23,750 (15-Minute Charts)

Positional Trading  Short-term Support: 22,800-22,400 Resistance: 23,340-23,800

BANK NIFTY Technical Outlook

In the preceding trading session, Bank Nifty closed at 49,803.20, registering a gain of 511.30 points. Technically, the momentum indicators signal a positive trend, and the index remains above the medium-term and short-term moving averages. Additionally, the index formed a white candle on the daily chart and closed above the previous resistance of 49,500. This pattern indicates the possibility of continuing the uptrend. On the higher side, 50,100 levels act as the nearest intraday resistance for the index. If the index moves above this level, the positive trend will likely continue in the coming days. The nearest short-term support is at 49,500 levels.

Intraday Levels  Support: 49,600, 49,100, 48,655 Resistance: 50,100, 50,500, 51,100 (15-Minute Charts)

Positional Trading Short-term Support: 49,500-48,000 Resistance: 51,000-52,300