NIFTY TECHNICAL OUTLOOK

 As of the market closing on Sunday, November 12, 2023:

The Nifty concluded the Diwali Muhurat trading 2023 session at 19,525.55, marking a gain of 100.20 points or 0.52 percent. Sustaining above the 19,500 mark is crucial for the continuation of this positive momentum.

Commencing at 19,547.30 with a favorable bias, the Nifty traded within the range of 19,510-19,547 before ultimately closing at 19,525.55. All sectors exhibited positive trends, with notable gains in IT, media, metal, and realty. Market breadth reflected optimism, as 1,888 stocks rose, 442 fell, and 158 remained unchanged. Top gainers beneath the Nifty included COALINDIA, UPL, INFY, and EICHERMOT, while major losers comprised BRITANNIA, BAJAJFINSV, and APOLLOHOSP.

From a technical perspective, the Nifty continues to maintain positions above both short-term and long-term moving averages. Momentum indicators indicate a positive trend. Despite forming a black candle on the daily chart, the index closed above the previous day's close, signaling the persistence of the bullish trend. The closest intraday support lies at the 19,500 level, and if the index trades and remains above this level, the bullish trend is likely to extend in the coming days.

Intraday Support levels: 19,500-19,460-19,415 Resistance levels: 19,550-19,600-19,650 (15 Minute Charts)

For positional traders, short-term support levels are at 19,500-19,233, with resistance observed at 19,800-20,200.

BANK NIFTY 

In the recent trading session, Bank Nifty concluded at 43,996.60, showcasing a gain of 176.55 points. From a technical standpoint, momentum indicators strongly indicate a positive trend, with the index maintaining its position above short-term moving averages.

Analyzing the daily chart, the index formed a black candle but closed significantly above the previous day's close, signaling a positive bias. Notably, the short-term resistance is positioned at 44,000, and the last closing is near to this level. A breach beyond this point could sustain the positive momentum in the upcoming days; otherwise, a minor correction might be anticipated.

For intraday traders, key support levels are identified at 43,900, 43,750, and 43,600, while resistance levels are marked at 44,035, 44,200, and 44,350, as per the 15-minute charts.

Positional traders are advised to monitor short-term support levels at 43,500-42,800, with resistance expected within the range of 44,000 to 44,650. Stay tuned for further updates.