NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Monday, March 24, 2025

The Nifty ended the previous session at 23,658.35, gaining 307.95 points (1.32%). The positive momentum may persist if the index surpasses the intraday resistance at 23,700.

Nifty opened with a positive bias at 23,515.40 and sustained its upward trajectory throughout the session, touching an intraday high of 23,708.80 before closing near the day's high. All sectors ended in the green, with banks, financial services, realty, and IT leading the gains. Market breadth remained positive, with 1,819 stocks advancing, 978 declining, and 92 unchanged.

Among Nifty stocks, Kotak Bank, NTPC, SBIN, and Tech Mahindra were the top gainers, while Titan, IndusInd Bank, Trent, and M&M were the biggest losers.

Technical Analysis & Outlook

Momentum indicators suggest a continuation of the bullish trend, with the index trading above its short-term and medium-term moving averages. Additionally, the formation of a white candle on the daily chart reinforces positive sentiment. On the upside, immediate resistance is at 23,800, and a sustained close above this level could extend gains toward 24,200. the nearest intraday support is at 23,600.

Trading Levels

Intraday: Support: 23,600, 23,500, 23,400 Resistance: 23,700, 23,800-23,900

Positional Trading: Support: 23,250-22,680 Resistance: 23,800-24,225

. Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 51,704.95, posting a strong gain of 1,111.40 points. The technical indicators suggest continued bullish momentum, with the index holding above its short-term and long-term moving averages. Additionally, the formation of a white candle on the daily chart and a close near the key resistance level of 51,750 indicate further upside potential.

If Bank Nifty surpasses 51,750, it may extend gains toward the next major resistance at 53,650 in the coming sessions. On the downside, the nearest intraday support is at 51,500.

Key Levels to Watch:

Intraday Trading: Support: 51,500, 51,150, 50,800 Resistance: 51,850, 52,250, 52,650

Positional Trading: Short-term Support: 50,600 – 49,750 Resistance: 51,750 – 53,650

In conclusion: The prevailing uptrend in Bank Nifty remains intact, with strong buying interest near support levels. A decisive breakout above 51,750 could accelerate gains toward 53,650, while 51,500 serves as immediate support. Traders should monitor price action at these levels to confirm the trend’s strength