NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Friday, December 29, 2023
The Nifty concluded the trading session at 21731.40, registering a decline of -47.30 points or -0.22 percent. The bullish momentum would resume if the index surpasses the 21800 level.
Initiating the session at the 21737.70 level on a negative note, the Nifty recorded an intraday low at 21676.70. Subsequently, it maintained a sideways trajectory until settling at 21731.40. Auto, FMCG, realty, and metal emerged as the prominent gainers, whereas banks, IT, financial services, and pharma faced notable losses. Market breadth reflected positivity, with 1273 stocks rising, 1094 falling, and 139 remaining unchanged. Key gainers beneath the Nifty included TATACONSUM, TATA MOTORS, BAJAJ-AUTO, and ADANIENT, while BPCL, ONGC, SBIN, and COALINDIA were among the leading losers.
From a technical standpoint, the Nifty remains positioned above both short-term and long-term moving averages. Momentum indicators underscore a robust positive trend. However, a Doji candle formation on the daily chart, coupled with closure within the previous day's candle, suggests the potential for consolidation. On the upside, the index confronts intraday resistance at 21800 levels. A breach of this level could reignite the positive trend; otherwise, consolidation beneath this level may persist for a few days. The nearest short-term support rests at 21600 levels.
Intraday Support Levels: 21675-21600-21530 Resistance Levels: 21800-21900-22000 (15 Minute Charts)
For positional traders, short-term support levels stand at 21600-21000, with resistance observed at 22000-22500.
BANK NIFTY
In the previous trading session, Bank Nifty concluded at 48292.25, experiencing a decline of -216.30 points. From a technical standpoint, the momentum indicators affirm a positive trend, and the index remains positioned above both medium-term and long-term moving averages. Nevertheless, a small black candle formation on the daily chart, coupled with a close below the previous day's close, suggests a somewhat negative trend. On the downside, the index finds intraday support at 48200, and the positive momentum can be sustained if the index remains above this level. The closest intraday resistance is situated at the 48400 level.
For intraday traders, the identified support levels are 48200, 48000, and 47800, while resistance levels are delineated at 48400, 48600, and 48800, as indicated by the 15-minute charts.
Positional traders are advised to monitor short-term support levels at 48200-47000, with resistance observed at 49500-50700.
