Bearish mood likely today as markets enter a volatile week

Based on market closing on November 08

In the Friday's trading session, the Nifty closed at 24148.20, down  -51.15  points or -0.21 percent. The downward bias will continue if the index moves below the intraday support level of 24070. 

In the previous session, Nifty opened on a positive note at 24,207.70 and briefly dipped to an intraday low of 24,066.70 in the morning session. The index then rebounded, reaching an intraday high of 24,276.20 before closing at 24,218.20. The leading sector gainers were IT, FMCG, and pharma, while the major losers included realty, media, PSU banks, and metals. The market breadth was negative with 730  stocks rising, 1927 falling, and 104 remaining unchanged. The biggest gainers under the nifty were M&M, Titan, TechM, Infy, whereas the top losers were Trent, Coal India, Asian Paint and Tata Steel. 

Technically, momentum indicators signal a negative trend, and the Nifty remains below its short-term and medium-term moving averages. Moreover, the index formed a small black candle on the daily chart and closed below the previous day's close. All these indicate that the momentum remains in favor of the bears. On the lower side, the index has intraday support at 24070  levels. If the index moves below this level the downtrend can continue in the coming days also. The nearest intraday resistance is at 24175 levels. For a pullback rally, the index needs to surpass this level.  

Intraday levels: 

Support - 24070, 23960, 23850

Resistance - 24175, 24280-24400(15-Minute Charts)

Positional trading: 

Short-term support - 23800 -23350

Resistance - 24500- 25200.

Bank Nifty technical outlook

In the previous trading session, Bank Nifty closed at 51561.20, registering a loss of -355.30  points.

Technically, momentum indicators suggest a positive trend, but the index closed below its short-term and medium-term moving averages. Moreover, the index formed a black candle on the daily chart and closed below the previous day's close. This pattern indicates a negative bias for the index. On the lower side, the index has intraday support at the 51500 level.  If the index trades and sustains below this level, the bearish trend can continue today too. For a positive trend, the index needs to surpass the intraday resistance level of 51800.

Intraday levels:

Support - 51500, 51240, and 50950,

Resistance - 51800, 52070, and 52300. 

Positional trading:

Short-term support - 51000–50000

Resistance - 52400–53500.