NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, March 13, 2025

The Nifty closed at 22,397.20, down 73.30 points (-0.33%) in the previous session. The downtrend is likely to continue if the index remains below the 22,400 level.

Nifty opened with a positive bias at 22,541.50, briefly testing the intraday high of 22,558.10 before gradually declining to an intraday low of 22,377.30, ultimately closing lower. PSU Bank and Nifty Bank were the top-performing sectors, while realty, media, auto, and metals dragged the index down. Market breadth remained negative, with 788 stocks advancing, 1,956 declining, and 138 unchanged. Among individual stocks, BEL, SBIN, NTPC, and CIPLA were the top gainers, while SHRIRAMFIN, HEROMOTOCO, TATAMOTORS, and HINDALCO were the biggest losers.

Technically, momentum indicators suggest a slightly positive bias, the index closed below its short-term moving averages. The formation of a black candle on the daily chart, coupled with a close below the previous day's level, indicates bearish momentum. The immediate intraday resistance is at 22,400, and if the index trades below this level, further downside towards 22,320 is possible. For a pullback rally, Nifty needs to sustain above 22,400.

Intraday Levels: Support – 22,320, 22,250, 22,175  Resistance – 22,400, 22,500-22,600

Positional Trading: Short-term support – 22,000-21,200  Resistance – 22,750-23,500

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 48,060.40, posting a marginal gain of 3.75 points. Despite this, technical indicators suggest a negative trend, as the index remains below its short-term moving averages. The formation of a black candle on the daily chart, while closing slightly above the previous day's level, indicates a mildly positive bias.

On the downside, immediate intraday support is at 48,000. If the index holds above this level, the positive bias may continue, but if it falls below, a slightly negative trend could emerge. The next short-term support is at 47,750.

Intraday Levels: Support – 48,000, 47,800, 47,600   Resistance – 48,250, 48,500, 48,700

Positional Trading: Short-term support – 47,750-47,000  Resistance – 48,750-50,000