Based on market closing on March 5
The Nifty ended the Wednesday's session at 22337.30, up 254.65 points or 1.15 percent. The positive trend may persist if the index moves above the intraday resistance of 22400.
In the previous session, Nifty opened on a flat note at 22,073.10. The index gradually gained momentum, reaching an intraday high of 22,394.90 before settling at 22,337.30. All the sectors closed on a positive note.
The top sector gainers were metal, media, PSU banks, and auto. The market breadth was positive, with 2311 stocks advancing, 427 declining, and 143 unchanged.
Among individual stocks under nifty, ADANIPORTS, TATASTEEL, ADANIENT, and M&M were the top gainers, whereas BAJFINANCE, INDUSINDBK, HDFC BANK, and SHRIRAMFIN were the biggest losers
Technically, momentum indicators suggest a negative bias, and the index remains below its short-term and long-term moving averages.
However, the formation of a white candle on the daily chart, with a close near the day's high, signals potential strength.
The RSI indicator, which had dropped to 21.79, has now reclaimed the 30 level, indicating a possible continuation of the uptrend. On the higher side, the index has intraday resistance at 22400.
If the index moves above this level, the positive trend can continue today. Otherwise, the index may consolidate below this level for a few days. The nearest short-term support is at 22000 levels.
Support - 22300, 22200, 22100
Resistance 22400, 22500-22600 (15-Minute Charts)
Short-term support - 22000-21200
Resistance - 22700- 23500
In the preceding session, the Bank Nifty closed at 48489.95, registering a gain of 244.75 points. The technical parameters indicate a negative trend. The index remains below its short-term and long-term moving averages.
However, the index formed the second consecutive white candle on the daily chart and closed above the previous day's close.
This pattern indicates a positive bias for the index. On the lower side, the index has intraday support at 48400.
If the index remains above this level, the positive trend can continue today. The nearest intraday resistance is at 48650.
For a strong bullish trend, the index needs to close above the short-term resistance level 48750.
As indicated by the 15-minute charts, intraday traders' support levels are 48100, 47850, and 47600, while resistance levels are 48400, 48640, and 48925.
Positional traders should watch short-term support at 47750–47000, with resistance at 48750–50000.
