NIFTY TECHNICAL OUTLOOK

Based on Market Closing – Friday, March 7, 2025

Nifty ended the previous session at 22,552.50, gaining 7.80 points (+0.03%). The positive trend is likely to continue if the index remains above the intraday support at 22,500.

The session began with a negative bias, as Nifty opened at 22,508.70 and quickly slipped to an intraday low of 22,464.80 in the morning trade. However, the index recovered steadily, reaching an intraday high of 22,633.80 before closing at 22,552.50. Sectorally, media, metal, auto, and PSU banks led the gains, while realty, IT, Nifty Bank, and pharma lagged. Market breadth remained positive, with 1,776 stocks advancing, 1,001 declining, and 105 unchanged. Among individual stocks, RELIANCE, NESTLEIND, BAJAJ-AUTO, and BEL were the top gainers, while INDUSINDBK, NTPC, SHRIRAMFIN, and INFY were the biggest losers.

Technically, momentum indicators suggest a neutral trend, but the index remains above its short-term moving averages, indicating underlying strength. The formation of a white candle on the daily chart, closing above the previous day's level, further reinforces bullish sentiment. On the downside, 22,500 acts as a crucial support; if Nifty holds above this level, the positive momentum may continue. The immediate resistance is at 22,750, and a sustained close above this level could trigger a strong bullish trend.

Key Levels to Watch  Intraday Levels (15-Minute Charts) Support: 22,500, 22,400, 22,300 Resistance: 22,650, 22,750-22,850

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

If Nifty manages to break above 22,750, the rally could extend towards 22,850 and beyond. Conversely, failure to hold above 22,500 may lead to short-term consolidation.

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, the Bank Nifty closed at 48,497.50, declining 130.20 points. Technical indicators signal a negative trend as the index remains below its short-term moving averages. Additionally, the formation of a Doji candle on the daily chart, along with a close below the previous day’s level, suggests a bearish bias.

On the upside, 48,750 serves as a key resistance level. A sustained close above this level is required to confirm a bullish breakout; otherwise, the index may remain in a consolidation phase. On the downside, the nearest intraday support lies at 48,400.

Key Levels to Watch Intraday Levels (15-Minute Charts) Support: 48,400, 48,200, 48,000 Resistance: 48,650, 48,900, 49,150

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

If Bank Nifty holds above 48,400, short-term stability may be expected. However, a break below this level could trigger further downside. A strong bullish trend will emerge only if the index closes above 48,750.