NIFTY Technical Outlook
Based on Market Closing on Monday, June 24, 2024
In the last trading session, the Nifty closed at 23,537.85, up 36.75 points or 0.16%. The nearest intraday support is at the 23,500 level.
The Nifty opened negatively at 23,358.10 and hit an intraday low of 23,350 during the morning trade. The index gradually rose, testing an intraday high of 23,558.10 before closing at 23,537.85. The auto, FMCG, financial services, and realty sectors were top gainers, while the major losers were media, PSU banks, metal, and IT. The market breadth was negative, with 1,230 stocks rising, 1,295 falling, and 90 remaining unchanged. The top gainers in the Nifty index were M&M, POWERGRID, SHRIRAMFIN, and GRASIM, while the major losers included INDUSINDBK, CIPLA, ADANIPORTS, and COALINDIA.
From a technical standpoint, momentum indicators signal a positive trend. The Nifty remains above the long-term and short-term moving averages. Additionally, the index formed a white candle on the daily chart and closed near the day's high, indicating a positive bias. On the lower side, the index has short-term support at the 23,500 level. The positive trend can continue today if the index remains above this level. The nearest intraday resistance is at 23,560.
Intraday Levels Support: 23,500, 23,450, 23,375 Resistance: 23,560, 23,610-23,670 (15-Minute Charts)
Positional Trading Short-term support: 23,350-22,800 Resistance: 23,800-24,250
BANK NIFTY
In the preceding trading session, Bank Nifty closed at 51,703.90, registering a gain of 42.50 points. Technically, momentum indicators signal a positive trend, with the index remaining above the medium-term and short-term moving averages. Additionally, the index formed a white candle on the daily chart and closed near the day's high, indicating a positive bias. On the higher side, the index has intraday resistance at the 51,950 level. If the index moves above this level, the bullish trend can continue in the coming days. The nearest intraday support is at the 51,550 level.
Intraday Levels Support: 51,550, 51,230, 50,900 Resistance: 51,950, 52,200, 52,500 (15-Minute Charts)
Positional Trading Short-term support: 51,000-49,500 Resistance: 52,300-53,600
