NIFTY TECHNICAL UPDATE
As of the market close on Wednesday, November 22, 2023
The Nifty concluded the trading day at 19,811.85, registering a gain of 28.45 points or 0.14 percent. To sustain the ongoing bullish momentum, the index must surpass the critical level of 19,815.
Commencing at 19,784.00, the Nifty initiated the session on a positive note, reaching an intraday high of 19,825 in the morning session. Subsequently, the index experienced a dip, touching an intraday low of 19,703.80. However, a rebound occurred in the afternoon trade, leading to a closing figure of 19,811.80. Notably, the IT, auto, pharma, and FMCG sectors demonstrated a positive bias, while all other sectors, including PSU banks, metal, media, and realty, concluded with a negative bias. The market breadth skewed towards negativity, with 984 stocks advancing, 1369 declining, and 137 remaining unchanged.
Top gainers under the Nifty included BPCL, CIPLA, NTPC, and INFY, whereas INDUSINDBK, HINDALCO, KOTAKBANK, and ADANIPORTS faced notable losses.
From a technical standpoint, the Nifty remains positioned above both short-term and long-term moving averages, with momentum indicators signaling a positive trend. Additionally, the daily chart indicates the formation of a small white candle, closing above the previous day's mark. The extended lower shadow of the candle suggests that buying interest surfaced in the support zone. Notably, the intraday resistance for the Nifty is identified at the 19,815 level. A breach beyond this level could extend the positive trajectory in the forthcoming days, while the nearest intraday support is situated at 19,765 levels.
Intraday Levels: Support: 19,765 - 19,710 - 19,665 Resistance: 19,815 - 19,875 - 19,950 (15 Minute Charts)
For positional traders, short-term support is evident at 19,500-19,233, with resistance levels identified at 19,850-20,200.
BANK NIFTY ANALYSIS
In the previous trading session, Bank Nifty concluded at 43,449.60, marking a decline of 239.55 points. Analyzing from a technical standpoint, momentum indicators suggest a positive trend; however, the index remains positioned below the short-term moving averages. Additionally, the daily chart reveals the formation of a black candle, closing below the immediate support level of 43,500. A sustained position below this threshold may lead to a continued downward bias. The nearest intraday support is identified at the 43,250 level.
For intraday traders, key support levels are observed at 43,250, 43,000, and 42,800, while resistance levels can be noted at 43,500, 43,800, and 44,000, as indicated by the 15-minute charts.
Positional traders are advised to monitor short-term support levels at the 42,800-42,000 range, with resistance anticipated in the span of 43,500 to 44,000. Stay vigilant for potential developments in this range for strategic decision-making.
