NIFTY TECHNICAL OUTLOOK

Based on Market Closing on Wednesday, January 15, 2025

The Nifty closed at 23,213.20 in the preceding session, gaining 37.15 points or 0.16%. To sustain the positive trend, the index needs to close above the short-term resistance level of 23,250.

In the previous session, the Nifty opened positively at 23,250.40 and reached an intraday high of 23,293.70 before gradually retreating to close at 23,213.20. Sectoral performance was mixed, with realty, IT, metal, and PSU banks emerging as the top gainers, while media, pharma, auto, and financial services sectors witnessed losses. Market breadth was slightly positive, with 1,431 stocks advancing, 1,296 declining, and 117 remaining unchanged. The top gainers within the Nifty were TRENT, NTPC, POWERGRID, and KOTAKBANK, while the major losers were M&M, BAJAJFINSV, AXISBANK, and BAJFINANCE.

From a technical standpoint, momentum indicators continue to signal a negative trend, with the Nifty trading below its short-term and long-term moving averages. The index formed a small black candle on the daily chart but managed to close higher than the previous session. This pattern suggests a potential consolidation phase. The index faces immediate resistance at 23,250, and a close above this level could extend the positive momentum toward 23,500. On the downside, intraday support lies at 23,140, and a breach below this level could resume the recent downtrend.

Intraday Levels  Support: 23,140, 23,050, 22,950 Resistance: 23,275, 23,365–23,500 (15-Minute Charts)

Positional Trading Levels Support: 22,750–22,250 Resistance: 23,250–23,500

The Nifty's technical setup indicates cautious optimism, with consolidation likely in the near term unless the index breaks above 23,250. A sustained move above this resistance could signal further upside potential, while a failure to hold the 23,140 support may lead to renewed bearish pressure. Top of Form

BANK NIFTY TECHNICAL OUTLOOK   

In the preceding session, Bank Nifty closed at 48,751.70, gaining 22.55 points. Technically, momentum indicators continue to suggest a negative trend, with the index remaining below its short-term and long-term moving averages. The formation of a small black candle on the daily chart, closing above the previous session's close, signals the potential for consolidation.

On the upside, the index faces immediate intraday resistance at 48,950. A breakout above this level could sustain the positive bias in the coming days. On the downside, the nearest intraday support is at 48,550. A breach below this support level may resume the recent downtrend, targeting lower levels.

Intraday Levels  Support: 48,550, 48,250, 47,950 Resistance: 48,950, 49,275, 49,550

Positional Trading Levels Support: 48,300–47,250 Resistance: 48,600–50,700

Bank Nifty's technical indicators suggest a cautious outlook, with consolidation likely in the near term. A decisive move above 48,950 could indicate a positive bias, while a breakdown below 48,550 may accelerate bearish momentum. Traders should closely monitor these levels to align their strategies