NIFTY TECHNICAL OUTLOOK

Based on Market Closing – Monday, March 10, 2025

Nifty ended the session at 22,460.30, losing 92.20 points (-0.41 %). The negative trend is likely to persist if the index remains below the intraday resistance at 22,500.

The session began with a negative bias, as Nifty opened at 22,521.80 and briefly tested an intraday high of 22,676.80 during morning trade. However, the index gradually declined, reaching an intraday low of 22,429.10 before settling at 22,460.30. All sectors, except FMCG, closed in the red, with realty, PSU banks, auto, and metals leading the losses. Market breadth was weak, with only 513 stocks advancing, while 2,221 declined, and 148 remained unchanged. Among individual stocks, POWERGRID, HINDUNILVR, INFY, and SBILIFE were the top gainers, whereas ONGC, TRENT, INDUSINDBK, and BAJAJ-AUTO were the biggest losers.

Technical Outlook

Momentum indicators suggest a neutral trend, but the index remains above its short-term moving averages. However, the formation of a black candle on the daily chart, with a close near the day's low, signals weakness. If Nifty fails to break above 22,500, further downside pressure could emerge, with 22,400 acting as the nearest short-term support.

Key Levels to Watch

Intraday Levels (15-Minute Charts):Support: 22,400, 22,300, 22,200Resistance: 22,500, 22,600-22,700

Positional Trading Levels: Short-Term Support: 22,000-21,200 Resistance: 22,750-23,500

If Nifty remains below 22,500, the downtrend may continue. However, a sustained move above this level could bring short-term recovery.

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, the Bank Nifty closed at 48,216.80, declining 280.70 points. Technical indicators suggest a negative trend, as the index remains below its short-term moving averages. Additionally, the formation of a small black candle on the daily chart, with a close below the previous session’s level, reinforces a bearish bias.

On the downside, 48,100 serves as the immediate intraday support. If the index breaks below this level, the downtrend may extend further. On the upside, intraday resistance is seen at 48,300; a move above this level could trigger short-term recovery.

Key Levels to Watch

Intraday Levels (15-Minute Charts): Support: 48,100, 47,900, 47,700 Resistance: 48,300, 48,500, 48,700

Positional Trading Levels: Short-Term Support: 47,750–47,000 Resistance: 48,750–50,000

If Bank Nifty stays below 48,100, further weakness could emerge. However, a break above 48,300 may lead to a short-term pullback.