NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Thursday, February 27, 2025
The Nifty ended the session at 22,545.05, down 2.50 points or 0.01%. The index remains under pressure, and a breakdown below the 22,500 support level could extend the decline.
In the previous session, Nifty opened on a positive note at 22,568.90 and touched an intraday high of 22,613.30 during morning trade. However, selling pressure led to a gradual decline, with the index trading sideways before closing marginally lower. Financial services, metals, and banking stocks outperformed, while media, realty, and auto sectors lagged. Market breadth remained negative, with 487 stocks advancing, 2,259 declining, and 135 unchanged. Top Nifty gainers were SHRIRAMFIN, BAJAJFINSV, BAJFINANCE, SUNPHARMA, while the top losers ULTRACEMCO, TRENT, BAJAJ-AUTO, TATAMOTORS
Technical Analysis
Momentum indicators remain in the oversold zone, with the index trading below both its short-term and long-term moving averages. The formation of a small black candle on the daily chart and a close below the previous session's level suggest continued bearish momentum. Key support at the 22,500 level, a breach of this level could trigger a further downside. while the intraday resistance remains at 22,600. Sustaining above this level is necessary for a potential pullback rally.
Trading Levels
Intraday Levels (15-Minute Chart): Support: 22,510, 22,430, 22,350 Resistance: 22,600, 22,670, 22,735
Positional Trading: Short-term support: 22,500 - 22,000 Resistance: 22,800 - 23,250
The overall trend remains bearish, and traders should watch for a decisive move below 22,500 or a breakout above 22,600 to gauge further market direction.
BANK NIFTY TECHNICAL OUTLOOK
In the previous session, the Bank Nifty closed at 48,473.80, gaining 135.45 points. Despite the uptick, technical indicators suggest a negative bias, with the index trading below both its short-term and long-term moving averages.
A Doji candle formed on the daily chart, signaling indecision. The index continues to face resistance at 48,750—a failure to break above this level could lead to further consolidation in the coming sessions. For any positive momentum, the index must close above 48,750.
Key Levels to Watch
Intraday Trading (15-Minute Chart) Support: 48,600, 48,400, 48,200 Resistance: 48,800, 49,050, 49,250
Positional Trading Support: 47,750 – 47,000 Resistance: 48,750 – 50,000
The index remains in a range-bound phase, with 48,750 acting as a crucial breakout level for any upside movement. A sustained move below 48,600 could intensify selling pressure.