NIFTY TECHNICAL OUTLOOK
Based on Market Closing on Friday, March 22, 2024
In the latest trading session, the Nifty closed at 22096.75, marking an increase of 84.80 points or 0.39 percent. Sustained positivity is anticipated if the Nifty maintains levels above 22070.
Commencing the session at 21932.20, the Nifty initially experienced a downward trend, hitting an intraday low of 21883.30. However, it later surged, reaching an intraday high of 22180.70 before settling at 22096.75 during closure. With the exception of IT, all sectors concluded positively, with realty, auto, pharma, and media emerging as significant gainers. The market breadth favored advancement, with 1621 stocks rising, 845 declining, and 104 remaining unchanged. Prominent Nifty gainers included HEROMOTOCO, MARUTI, UPL, and APOLLOHOSP, while LTIM, INFY, WIPRO, and HCLTECH experienced notable losses.
Technically, the Nifty closed above both the five and fifteen-day moving averages. Momentum indicators suggest a negative trajectory; however, the formation of a white candle on the daily chart, coupled with closure above the previous day's level, signifies positive sentiment. The intraday support for the index rests at 22070, with sustained trading above this level likely to extend the bullish trend. The nearest short-term resistance is anticipated around 21500.
Intraday Levels: Support - 22070, 22000, 21910 Resistance - 22150, 22225, 22300 (15-Minute Charts)
Positional Trading: Short-term Support - 21850-21200 Resistance - 22500-23000
BANK NIFTY
In the previous trading session, Bank Nifty closed at 46863.75, marking a gain of 178.85 points. From a technical standpoint, momentum indicators indicate a negative trend. However, the index closed above short-term moving averages. Additionally, a white candle formation on the daily chart, coupled with closure above the previous day's level, suggests the potential for the uptrend to persist.
The nearest intraday support is identified at the 46740 level, with resistance at 46950. Should the index surpass the 46950 mark, it could further extend the uptrend today.
For intraday traders, support levels are situated at 46740, 46570, and 46400, while resistance levels are observed at 46950, 47150, and 47350, as delineated by the 15-minute charts.
Positional traders are advised to monitor short-term support levels at 46000-44500, with resistance noted at 47000-48500.
