NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Tuesday, April 1, 2025

The Nifty closed at 23,165.70, down 353.65 points (-1.50%). The negative trend is likely to persist if the index slips below the 23,125 level.

The index opened with a negative bias at 23,341.10, rebounded in the morning trade to test an intraday high of 23,565.20, but then declined sharply to an intraday low of 23,136.40 before settling at 23,165.70. Among sectors, Media was the only one to close in the green, while Realty, IT, Financial Services, and Pharma were the worst performers.

Market breadth remained positive, with 1,874 stocks advancing, 917 declining, and 100 unchanged. Among Nifty constituents, INDUSINDBK, TRENT, BAJAJ-AUTO, and JIOFIN were the top gainers, while HCLTECH, BAJAJFINSV, HDFCBANK, and BEL were the biggest losers.

Technically, momentum indicators suggest a positive trend, but the formation of a second consecutive black candle and a close below the 23,400 short-term support indicate weakness. The index has intraday support at 23,125, and a break below this level could extend the downtrend, while a pullback rally requires a breakout above 23,225.

Overall, the market sentiment remains weak, and a cautious approach is advised. Traders should watch for price action around key support and resistance levels to determine the next directional move.

Key intraday levels include support at 23,125, 23,050, and 22,975, while resistance stands at 23,225, 23,320, and 23,415.

For positional trading, support is seen at 23,000 and 22,600, with resistance at 23,400 and 23,800.

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, Bank Nifty closed at 50,827.50, down 737.35 points, reflecting a weak market sentiment. Despite technical indicators suggesting a positive trend, the index remains above its short-term moving averages. However, the formation of a black candle on the daily chart and a close well below the previous session indicate a negative bias. On the downside, immediate intraday support is at 50,750, and a breakdown below this level could extend the downtrend. For a pullback rally, the index must surpass 50,950.

As per the 15-minute charts, intraday support levels are 50,750, 50,500, and 50,250, while resistance levels stand at 50,950, 51,165, and 51,400.

For positional traders, key support lies at 50,600–49,750, with resistance at 51,750–53,000.

 Overall, the index remains in a cautious zone, and traders should watch for price action near critical levels to determine the next move.