NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, April 02, 2025

The Nifty closed at 23,332.35, gaining 166.65 points (+0.72%), with a continuation of the positive trend dependent on the index trading and sustaining above 23,350.

 The session began with a positive opening at 23,192.60, and the momentum remained strong throughout the day, pushing the index to an intraday high of 23,350 before closing slightly below it. All sectors ended in the green, with Realty, FMCG, Banking, and Financial Services leading the gains. Market breadth was strong, with 1,995 stocks advancing, 775 declining, and 123 unchanged. Among Nifty stocks, TATACONSUM, ZOMATO, TITAN, and INDUSINDBK were top gainers, while BEL, ULTRACEMCO, NESTLEIND, and POWERGRID were the biggest losers.

From a technical perspective, momentum indicators suggest a positive trend, and the index remains above its short-term moving averages. Additionally, the formation of a white candle on the daily chart near the day's high resembles a bullish Harami pattern, signaling a potential reversal of the previous bearish trend. However, confirmation is needed—the index must sustain above 23,350 for further upside. On the downside, immediate intraday support is at 23,320, and a break below this level could trigger a mild negative trend.

Intraday Levels: Support: 23,320, 23,225, 23,130 | Resistance: 23,415, 23,520, 23,625

Positional Trading: Support: 23,000–22,600 | Resistance: 23,400–23,800

Overall, the index is showing signs of strength, but traders should watch for   price action near key support and resistance levels to determine the next directional move.

With a strong technical setup and bullish momentum, Bank Nifty is positioned for further gains if it sustains above key resistance levels. However, traders should remain cautious and monitor support levels for any potential downside pressure.

BANK NIFTY TECHNICAL OUTLOOK

Bank Nifty closed at 51,348.05, gaining 520.55 points, reflecting a positive trend as the index continues to trade 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, immediate intraday support is at 51,200, while resistance stands at 51,400. A break above 51,400 may extend the uptrend, whereas a dip below 51,200 could lead to mild weakness.

Intraday Levels: Support: 51,200, 50,950, 50,750 | Resistance: 51,400, 51,650, 51,835

Positional Trading: Support: 50,600–49,750 | Resistance: 51,750–53,000