NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Friday, December 6, 2024

The Nifty closed at 24,677.80 in the preceding session, down by 30.60 points or 0.12%. A downward bias may persist if the Nifty falls below the intraday support level of 24,600.

During the session, the Nifty opened positively at 24,729.40 and reached an intraday high of 24,751.10 in the morning trade. However, the index gradually declined, hitting an intraday low of 24,620 before trading sideways and closing at 24,677.80. Sectors like metals, auto, PSU banks, and FMCG closed with a positive bias, while media, IT, banks, and pharma were the major laggards.

The market breadth remained positive, with 1,594 stocks rising, 1,074 falling, and 122 unchanged. Key gainers included TATAMOTORS, BAJAJ-AUTO, AXISBANK, and MARUTI, while the major losers were ADANIPORTS, CIPLA, BHARTIARTL, and HDFCLIFE.

From a technical perspective, momentum indicators suggest a positive trend, with the Nifty staying above its short-term moving averages. However, the formation of a small black candle on the daily chart, along with a close below the previous day's level, hints at a slightly negative bias.

On the downside, the index has intraday support at 24,600, with the next short-term support at 24,500. A move below these levels may extend the bearish trend. Conversely, to resume the uptrend, the index needs to surpass the intraday resistance at 24,750.

Intraday Levels Support: 24,650, 24,550, 24,500 Resistance: 24,750, 24,835–24,900 (15-Minute Charts)

Positional Trading Levels Short-term Support: 24,500–23,800 Resistance: 25,000–25,500

BANK NIFTY TECHNICAL OUTLOOK

In the preceding session, Bank Nifty closed at 53,509.50, registering a loss of 94.05 points. Despite the decline, momentum indicators suggest a positive trend, with the index remaining above its short-term and long-term moving averages.

However, the formation of a small black candle on the daily chart, combined with a close below the previous day's level, signals potential consolidation in the near term. On the downside, the index has short-term support at 53,500. If the index stays above this level, the bullish trend is likely to continue. The nearest intraday resistance is at 53,700.

Intraday Levels  Support: 53,470, 53,300, 53,080 Resistance: 53,800, 54,100, 54,400

Positional Levels Support: 53,500–52,500 Resistance: 54,400–55,500

Traders should monitor these key levels for potential breakout or consolidation cues in the coming sessions.