Nifty Technical Outlook
Based on Market Closing on Monday, January 13, 2025
The Nifty ended the session at 23,085.95, down 345.55 points (-1.47%), extending its bearish momentum. The downtrend is likely to persist if the index remains below the short-term resistance level of 23,250.
In the previous session, the Nifty opened with a downward gap at 23,195.40 and continued its decline throughout the day, hitting an intraday low of 23,047.30 before closing at 23,085.95. All sectors closed in the red, with realty, media, metal, and PSU banks being the biggest losers. Market breadth was decisively negative, with 258 stocks advancing, 2,491 declining, and 93 remaining unchanged. Among the Nifty constituents, the top gainers were AXISBANK, TCS, INDUSINDBK, and HINDUNILVR, while the major losers included ADANIENT, TRENT, BPCL, and BEL.
From a technical perspective, momentum indicators confirm a continued negative trend, with the Nifty trading below its short-term and long-term moving averages. The index formed a black candle on the daily chart and closed below the key support level of 23,250, signaling sustained bearish sentiment. Immediate intraday resistance is at 23,165, and the index needs to surpass this level for any recovery attempt. On the downside, the next short-term support lies at 22,750.
Intraday Levels: Support: 23,050, 22,950, 22,850 Resistance: 23,165, 23,275–23,400
Positional Trading Levels: Support: 22,750–22,250 Resistance: 23,250–23,500
The Nifty’s technical setup remains weak, with the index facing strong resistance at 23,250. A sustained move below 23,050 could accelerate the downtrend, targeting support near 22,750. Conversely, a bounce back is possible if the index manages to reclaim 23,165, with further recovery hinging on a breakout above 23,250. Traders should exercise caution and closely monitor these critical levels for short-term opportunities.
Bank Nifty Technical Outlook
In the previous session, Bank Nifty ended at 48,041.25, posting a loss of 692.90 points (-1.42%). Momentum indicators continue to signal a negative trend, with the index trading below its short-term and long-term moving averages. Additionally, the formation of a black candle on the daily chart and a close near the session’s low underscore the bearish sentiment, indicating the likelihood of a continued downtrend.
On the upside, the index faces immediate short-term resistance at 48,300. A sustained move above this level is necessary to signal a reversal or pullback rally. On the downside, the index has critical support at 47,900, with the next significant support level at 47,000.
Intraday Levels: Support: 47,900, 47,550, 47,250 Resistance: 48,250, 48,500, 48,900
Positional Trading Levels: Support: 47,250–46,000 Resistance: 48,300–49,600
Bank Nifty remains under pressure, with its technical structure suggesting further downside if the index fails to hold above 47,900. Conversely, holding above 48,300 could provide room for a pullback rally. Traders are advised to align their strategies with these key levels and adopt a cautious approach in the current market environment.
FII/FPI & DII Trading Activity in the Capital Market Segment (NSE, BSE, and MSEI)
Date: January 13, 2025
FIIs/FPI Activity: Net Sell: ₹ 4892.84 crore Total Buy: ₹ 10978.18 crore Total Sell: ₹ 15871.02 crore
DIIs Activity: Net Buy: ₹ 8066.07 crore Total Buy: ₹ 20133.51 crore Total Sell: ₹ 12067.44 crore
Global Market Update
On January 10, U.S. markets displayed a mixed trend. The Dow Jones advanced by 358.67 points (+0.86%), closing at 42,297.12, while the Nasdaq marginally declined by 73.53 points (-0.38%), ending at 19,088.10. European markets also reflected negative sentiment, closing in the red.
In Asian markets this morning, a mixed trend continued. The NIKKEI was trading at 38,365.00, down by 340 points, while the HANG SENG showed positive momentum, trading at 19,025, up by 125 points.
As of 7:45 AM IST, the GIFT Nifty was trading at 23,272, up 142 points from its previous close, suggesting a likely positive opening for the Indian Nifty index today.