The Nifty ended the previous session at 22929.25, down -102.15 points or-0.44 percent. The downtrend will continue if the nifty moves below the support level 22770.
In the previous session, Nifty opened with a positive bias at 23,096.40, and the index tested the intraday high of 23133.70 in the morning trade. Then the index gradually fell, hitting the intraday low of 22774.80 and finally closing at 22929.25. All the sectors were closed on a negative bias.
The biggest sector losers were the media, pharma, PSU banks, and metals. The market breadth remained negative, with 342 stocks advancing, 2392 declining, and 136 unchanged.
The biggest gainers under the nifty were, BRITANNIA, ICICIBANK, NESTLEIND, and INFY, whereas the major losers were ADANIPORTS, BEL, ADANIENT, and TRENT.
Technically, the momentum indicators signal a negative trend, and the index remains below the short-term and long-term moving averages. Moreover, the index formed a black candle after the two Doji candles on the daily chart and closed below the previous close. This pattern indicates a negative outlook for the index.
On the lower side, the index has short-term support at 22770 levels. If the index moves below this level, the downtrend can continue in the coming days. The nearest intraday resistance is at 23000 levels.
The index needs to trade and sustain above this level for a positive trend.
Support - 22900, 22770, 22665
Resistance - 23000, 23100-23200 (15-Minute Charts)
Short-term support - 22770-22600
Resistance - 23250- 22800.
In the preceding session, Bank Nifty closed at 49099.45, registering a loss of -260.40 points. The technical parameters indicate a neutral trend. But the index remains below its short-term and long-term moving averages.
Moreover, the index formed a black candle on the daily chart and closed below the previous closing. This pattern indicates a negative bias for the index. The nearest short-term support is at 48750 levels.
If the index moves below this level, the downtrend can continue in the coming days.
Otherwise the index may consolidate above this level for a few days. On the higher side, the index has intraday resistance at the 49200 level. For a positive trend, the index needs to surpass this level.
As indicated by the 15-minute charts, intraday traders' support levels are 49000, 48700, and 48450, while resistance levels are 49200, 49500, and 49800.
Positional traders should watch short-term support at 48750–47750, with resistance at 49750–50700.
