NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, April 03, 2024

In the recent trading session, the Nifty concluded at 22434.65, experiencing a marginal decline of -18.65 points or -0.08 percent. To sustain an uptrend, the Nifty needs to surpass the resistance level of 22500.

Initiating the session at the 22385.70 mark with a negative sentiment, the Nifty tested an intraday low of 22346.50. However, it gradually ascended, reaching an intraday high of 22521.10 before settling at 22434.65. Noteworthy sectoral gainers encompassed PSU bank, IT, media, and financial services, whereas realty, FMCG, auto, and pharma sectors faced notable declines. With 1760 stocks advancing, 696 declining, and 120 remaining unchanged, the market breadth was positive. Notable performers within the Nifty included SHRIRAMFIN, NTPC, DIVISLAB, and TCS, while NESTLEIND, BAJAJ-AUTO, DRREDDY, and KOTAKBANK observed significant losses.

Technically, the Nifty persists above both short-term and long-term moving averages, with momentum indicators signaling a positive trajectory. The index manifested a small white candle on the daily chart, closing slightly below the previous day's close. Over the past three trading sessions, the index navigated within a narrow trading range, concluding near the short-term resistance at 22500. A breakthrough above this level may usher in a robust positive trend in the ensuing days, while failure to breach it might result in further consolidation. Notably, the nearest intraday support lies around the 22400 level.

Intraday Levels: Support - 22400, 22300, 22200 Resistance - 22500, 22600, 22700 (15-Minute Charts)

Positional Trading: Short-term support - 21850-21200 Resistance - 22500-23000.

BANK NIFTY

In the previous trading session, Bank Nifty concluded at 47624.25, marking an increase of 78.80 points. Technically, momentum indicators continue to signal a positive trajectory, with the index maintaining its position above both short-term and long-term moving averages. Furthermore, the formation of a white candle on the daily chart, along with a close above the previous day's level, suggests a potential continuation of the uptrend. The nearest intraday resistance stands at 47700, with support lingering at 47450. Sustained movement beyond 47700 is crucial for maintaining the current positive momentum; failure to do so may lead to a period of consolidation below this level.

For intraday traders, support levels are identified at 47450, 47250, and 47000, while resistance levels are observed at 47700, 47900, and 48100, as indicated by the 15-minute charts.

Positional traders are advised to monitor short-term support levels in the range of 47000-46000, with resistance anticipated around 48500-49500.