NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, February 12, 2025

The Nifty closed at 23,045.25, down 26.55 points (-0.12%). A positive trend may emerge if the index sustains above the short-term support level of 23,000.

In the previous session, Nifty opened with a negative bias at 23,050.80, extending its decline to an intraday low of 22,798.30 during the morning trade. However, the index rebounded, testing the intraday high of 23,144.70, before closing slightly lower. PSU banks, metals, and financial services outperformed, while realty, auto, IT, and pharma sectors faced losses. Market breadth remained negative, with 1,010 stocks advancing, 1,749 declining, and 107 unchanged. The top Nifty gainers included BAJAJFINSV, SBILIFE, HDFCLIFE, and TATASTEEL, whereas M&M, EICHERMOT, BEL, and ITC were the major laggards.

Technically, momentum indicators suggest a neutral trend, but the index remains below both its short-term and long-term moving averages. A Doji candle formation on the daily chart, following five consecutive black candles, signals market indecision. The long lower shadow of the candle indicates buying interest near the support zone and closed the index above the 23,000 support level, which increases the likelihood of a positive trend. However, if the index falls below this level, the downtrend may resume. The nearest intraday resistance is at 23,130—a sustained move above this level could trigger a pullback rally.

Intraday Levels:  Support: 22,960, 22,825, 22,700 Resistance: 23,130, 23,250-23,400 (Based on 15-Minute Charts)

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

In conclusion, while Nifty shows signs of stabilization near the 23,000 support level, market indecision persists. The Doji candle formation suggests a potential shift in momentum, but confirmation is needed. A sustained move above 23,130 could trigger a pullback rally, whereas a break below 23,000 may extend the downtrend. Traders should watch these key levels for further market direction.

BANK NIFTY TECHNICAL OUTLOOK

Bank Nifty closed at 49,479.45, gaining 76.05 points in the previous session. While technical indicators suggest a positive trend, the index remains below both its short-term and long-term moving averages, signaling caution.

On the daily chart, Bank Nifty formed a small white candle, closing above the previous session’s close. The long lower shadow of the candle indicates buying interest near the support zone, suggesting a potential reversal. The index faces immediate resistance at 49,600,a breakout above this level could lead to further upside momentum. On the downside, the nearest intraday support is at 49,270, and a breach below this level may weaken the bullish outlook.

Intraday Levels (15-Minute Chart): Support: 49,270, 49,000, 48,700 Resistance: 49,675, 50,000, 50,300

Positional Trading: Support: 48,750–47,750 Resistance: 49,600–50,700

In conclusion, while Bank Nifty shows signs of recovery, a sustained move above 49,600 is essential to confirm a bullish trend. If the index fails to break this resistance, it may consolidate or test lower support levels in the coming sessions