NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, February 13, 2025

The Nifty ended the previous session at 23,031.40, down 13.85 points (-0.06%). A positive trend can be expected if the index holds above the short-term support level of 23,500.

During the session, Nifty opened with a positive bias at 23,055.80, but before gaining further momentum, it dropped to an intraday low of 22,992.20 in the morning trade. The index then recovered, testing the intraday high of 23,235.50, before finally closing at 23,031.40. Pharma, metal, realty, and media sectors led the gains, while IT, PSU banks, FMCG, and auto sectors were the biggest laggards. The market breadth remained negative, with 1,191 stocks advancing, 1,527 declining, and 149 unchanged. Top Nifty gainers included BAJAJFINSV, SUN PHARMA, TATA STEEL, and BAJFINANCE, while ADANIENT, ADANIPORTS, HEROMOTOCO, and INFY were the major losers.

Technically, momentum indicators signal a neutral trend, and the index remains below both short-term and long-term moving averages. A second consecutive Doji candle formation on the daily chart, with a long upper shadow, suggests selling pressure near the resistance zone. However, since the index closed above the short-term support level of 23,000, a period of consolidation is likely. If the index falls below this support, the downtrend may resume. The nearest intraday resistance is at 23,130, and for a positive trend, the index must sustain above this level.

Key Levels

Intraday Trading (15-Minute Charts): Support: 22,960, 22,825, 22,700 Resistance: 23,130, 23,250–23,400

Positional Trading: Short-term support: 23,000–22,500 Resistance: 23,500–24,200

With the index showing indecision and consolidation, traders should monitor support and resistance levels for a clear directional move in the coming sessions.

BANK NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, February 13, 2025

Bank Nifty closed at 49,359.85, down 119.60 points in the previous session. While technical indicators still suggest a positive trend, the index remains below both short-term and long-term moving averages.

On the daily chart, a small black candle formation indicates a slight negative bias, as the index closed below its previous close. The nearest intraday support is at 49,270 if Bank Nifty moves below this level, the downtrend could extend further. On the higher side, the short-term resistance is at 49,600 a sustained trade above this level could trigger a positive trend for the day.

Key Levels

Intraday Trading (15-Minute Charts): Support: 49,270, 49,000, 48,700 Resistance: 49,600, 49,500, 50,100

Positional Trading:  Short-term support: 48,750–47,750 Resistance: 49,600–50,700