Nifty Technical Outlook
Based on Market Closing on Monday, November 04, 2024
In the latest trading session, the Nifty closed at 23,995.35, a decline of 309 points or -1.27%. The bearish trend is likely to continue if the index breaks below the intraday support at 23,925.
On Monday, Nifty opened on a positive note at 24,315.80, but the early momentum faded, resulting in a sharp decline to an intraday low of 23,816.20, before settling at 23,995.35. All sectors closed in the red, with realty, media, metals, and private banking taking the biggest losses. Market breadth was broadly negative, with 712 stocks advancing, 1,960 declining, and 89 remaining unchanged. Among Nifty stocks, M&M, TECHM, CIPLA, and SBIN were the top gainers, while HEROMOTOCO, GRASIM, BAJAJ-AUTO, and ADANIPORTS led the losers.
Technically, momentum indicators point to a bearish trend, and Nifty remains below its short- and medium-term moving averages. The index formed a bearish black candle on the daily chart and closed below the previous session's low, underscoring a negative outlook. If Nifty trades below 23,925, the downtrend could persist, and the next short-term support is located at 23,800. A sustained move above 24,000 is needed for a positive trend.
Intraday Levels: Support: 23,925, 23,840, 23,750 Resistance: 24,000, 24,100–24,200 (15-Minute Chart)
Positional Trading: Short-term Support: 23,800 – 23,350 Resistance: 24,500 – 25,200
Bank Nifty Technical Outlook
In the last trading session, Bank Nifty closed at 51,215.25, down by 458.65 points. Momentum indicators suggest a neutral trend, with the index trading below its short-term moving averages. The daily chart formed a bearish black candle, closing below the prior session’s close, which signals a potential continuation of the downtrend. The immediate short-term support lies at 51,000; a close below this level could lead to further downside in the days ahead. On the upside, the nearest intraday resistance is at 52,200, and a breakout above this level is required to trigger a pullback rally.
Trading Levels
Intraday Levels: Support: 51,000, 50,800, 50,600 Resistance: 51,300, 51,550, 51,800
Positional Levels: Short-term Support: 51,000 – 50,000 Resistance: 52,400 – 53,500
