NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Thursday, March 20, 2025

Nifty closed the previous session at 23,190.65, gaining 283.05 points (1.24%). The index maintained a positive trend and will likely extend gains if it stays above the intraday support level of 23,150.

Nifty opened with a positive bias at 23,036.60, briefly dipped to an intraday low of 22,973.90, and then climbed to test an intraday high of 23,216.70 before closing near its highs. All sectoral indices ended in the green, with Auto, FMCG, IT, and Media emerging as the top gainers. Market breadth remained strong, with 1,691 stocks advancing, 1,109 declining, and 86 unchanged. Among Nifty stocks, Bharti Airtel, Titan, Britannia, and BPCL were the top gainers, while IndusInd Bank, Bajaj Finance, Trent, and Shriram Finance were the biggest losers.

Technically, momentum indicators signal continued strength as Nifty remains above its short-term and medium-term moving averages. Additionally, the formation of a white candle on the daily chart and a close above the previous day’s level reinforce the bullish outlook. The next intraday resistance is at 23,250, and a breakout above this level could drive further upside. On the downside, 23,150 serves as immediate support.

Key Levels to Watch:

Intraday Levels:  Support: 23,150, 23,065, 22,980 Resistance: 23,250, 23,350–23,450

Positional Trading:  Support: 22,680–22,320 Resistance: 23,250–23,800

In conclusion, the overall market sentiment remains positive, supported by strong sectoral performance and bullish technical indicators. As long as Nifty holds above 23,150, the uptrend is likely to continue, with 23,250 acting as the immediate hurdle. A decisive breakout above this resistance could open the door for further gains toward 23,350–23,450. However, if the index fails to sustain above the support levels, short-term consolidation or minor pullbacks cannot be ruled out. Traders should watch key levels closely and adjust their strategies accordingly.

Bank Nifty Technical Outlook

Bank Nifty closed at 50,062.85, gaining 360.25 points in the previous session, indicating continued bullish momentum. The index remains above its short-term moving averages, reinforcing the positive trend. Additionally, the formation of a white candle on the daily chart and a close above the 49,750 resistance level suggests that the momentum remains in favor of the bulls.

The trend remains bullish as long as Bank Nifty holds above 49,750, with a potential upside toward 50,600 – 51,750. However, a break below key support levels may lead to short-term consolidation or minor pullbacks. Traders should monitor these levels closely and adjust their positions accordingly.

Key Levels to Watch:

Intraday Levels (15-Minute Charts) Support: 49,900, 49,650, 49,400 Resistance: 50,200, 50,450, 50,700

Positional Trading Levels : Support: 49,750 – 48,750 Resistance: 50,600 – 51,750