NIFTY TECHNICAL OUTLOOK

 Analysis as of Market Close on Wednesday, December 27, 2023

The Nifty concluded the trading session at a record high of 21,654.75, registering a gain of 213.40 points or 1.00 percent. The upward momentum is expected to persist if the index maintains levels above 21,600.

Initiating the day at the positive 21,365.20 level, the Nifty sustained its optimistic trajectory throughout the session, reaching a peak of 21,675.80 before settling at 21,654.75. All sectors closed positively, with notable gains in banking, auto, metal, and financial services. Market breadth displayed positivity, as 1,218 stocks rose, 1,154 fell, and 127 remained unchanged. Prominent gainers under the Nifty umbrella included HINDALCO, ULTRACEMCO, BAJAJ-AUTO, and TATA MOTORS, while major losers were NTPC, ONGC, ADANIENT, and UPL.

From a technical standpoint, the Nifty maintains its position above both short-term and long-term moving averages. Momentum indicators affirm a robust positive trend. Additionally, the index formed a white candle on the daily chart, closing above the previous resistance at 21,600. This pattern indicates the potential for a continued uptrend. The positive trend is likely to persist if the index remains above the 21,600 level. The nearest intraday resistance is observed at 21,675 levels.

Intraday Support Levels: 21,600 - 21,500 - 21,400 Resistance Levels: 21,675 - 21,775 - 21,875 (15-Minute Charts)

For positional traders, short-term support levels are at 21,600 - 21,000, with resistance at 22,000 - 22,500. The overall technical outlook suggests a favorable environment for further positive movements in the market.

BANK NIFTY

In the previous trading session, Bank Nifty achieved a record high, closing at 48,282.20 and marking a gain of 557.35 points. From a technical standpoint, momentum indicators affirm a positive trend, with the index positioned above both medium-term and long-term moving averages. Furthermore, the daily chart displays a white candle, closing at an all-time high, signaling the potential for a sustained bullish trend.

On the upside, the index faces intraday resistance at 48,400, while support is identified at 48,200. Maintaining levels above 48,200 suggests the continuation of the positive trend today.

For intraday traders, support levels are situated at 48,200, 48,000, and 47,800, while resistance levels can be observed at 48,400, 48,600, and 48,800 according to the 15-minute charts.

Positional traders are advised to monitor short-term support levels at 48,200-47,000, with resistance levels marked at 49,500 - 50,700. The overall technical outlook indicates a favorable environment for potential upward movements in the Bank Nifty.