NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, March 19, 2025

The Nifty closed at 22,907.60, gaining 73.30 points (0.32%) in the previous session. The positive momentum is likely to continue if the index remains above the intraday support level of 22,850.

Nifty opened with a positive bias at 22,874.90, sustaining the trend throughout the session, testing an intraday high of 22,940.70, and closing at 22,907.60. Except for IT and FMCG, all sector indices ended on a positive note, with Realty, PSU Banks, Metal, and Media emerging as the top gainers. Market breadth remained strong, with 2,268 stocks advancing, 536 declining, and 82 unchanged. Among Nifty stocks, SHRIRAMFIN, HDFCLIFE, APOLLOHOSP, and TATASTEEL led the gains, while TECHM, TCS, ITC, and INFY were the biggest losers.

From a technical perspective, momentum indicators suggest continued strength, as the index remains above its short-term moving averages. Additionally, Nifty formed a white candle on the daily chart, closing above the previous day's close, signaling a potential continuation of the uptrend. On the downside, immediate intraday support stands at 22,850, and the bullish momentum is expected to sustain if the index holds above this level. The nearest intraday resistance is at 22,950.

Intraday Levels: Support: 22,850, 22,775, 22,700 Resistance: 22,950, 23,050–23,150

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

The overall market outlook remains constructive, with Nifty maintaining its bullish trajectory. A sustained move above 22,950 could pave the way for a test of 23,050–23,150 levels, while a break below 22,850 may invite minor pullbacks.

BANK NIFTY TECHNICAL OUTLOOK

In the previous session, Bank Nifty closed at 49,702.60, gaining 388.10 points, indicating a continued positive trend. The index remains above its short-term moving averages, reinforcing bullish momentum. Additionally, a white candle formation on the daily chart, with a close near the day's high, suggests a positive bias.

On the higher side, Bank Nifty faces short-term resistance at 49,750. A break above this level could extend the upward move. Conversely, immediate intraday support is at 49,500.

Intraday Levels: Support: 49,500, 49,200, 48,900 Resistance: 49,800, 50,100, 50,400

Positional Trading: Short-term Support: 48,750–47,750 Resistance: 49,750–50,600

Overall, Bank Nifty remains in an uptrend, and a break above 49,750 could trigger further upside toward 50,100–50,400 levels, while sustaining above 49,500 will be crucial to maintaining the bullish momentum.