NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Friday, February 23, 2024The Nifty concluded the trading session at 22212.70, experiencing a marginal decline of -4.75 points or -0.02 percent. To maintain a bullish trend, the index needs to remain above 22250.

During the last session, the Nifty commenced positively at 22290.00, reaching a  record high of 22297.50, in the morning trade. However, the index failed to maintain its momentum and fell to the intraday low of 22186.10, before closing at 22212.70.     Sectors such as media, realty, pharma, and auto witnessed notable gains, while banking, metal, and IT sectors experienced declines. Market breadth favored the upside, with 1290 stocks rising, 1151 falling, and 102 remaining unchanged. Under the nifty, BAJAJFINSV, SBILIFE, DRREDDY, and TITAN,  were the top gainers, while the major losers were BPCL, HCLTECH, MARUTI, and ASIANPAINT.

Technically, the Nifty sustains positions above both short-term and long-term moving averages, with momentum indicators signaling positivity. However, the index formed a black candle on the daily chart and closed just below the previous day's close, indicating a slightly negative bias. The immediate intraday support lies at 22175; breaching this level could extend the ongoing downtrend. Conversely, the index faces intraday resistance around 22250, and surpassing this level might trigger a potential rally.

Key Levels for Intraday Trading :Support 22175-22100-22015Resistance: 22250-22300-22350 (15 Minute Charts)

Positional Trading Levels: Short-term support: 22125-21500Short-term resistance: 22500-23000

BANK NIFTY

In the previous trading session, Bank Nifty concluded at 46811.75, marking a loss of -108.05 points. Technically, momentum indicators continue to signal a positive trend, with the index maintaining positions above both short-term and long-term moving averages. However, the formation of a black candle on the daily chart following the previous day's Doji candle suggests a slight negative bias.

In terms of levels, the index finds immediate intraday support at 46700. A breach below this level could continue the negative trend. On the higher side, the index has short-term resistance at 47000. For a pullback rally, the index needs to surpass this level.

For intraday traders, support levels stand at 46700, 46400, and 46200, while resistance levels are identified at 47000, 47200, and 47400, as depicted by the 15-minute charts.

Positional traders are advised to monitor short-term support levels at 45600-44500, with resistance seen at 47000-48500.