Market's downward bias expected to persist today

Based on Market Closing on Tuesday, October 15

In the last trading session, Nifty closed at 25,057.35, down by 70.60 points (-0.28%). The downward bias 
is expected to persist if the index trades and sustains below the key intraday support level of 25,020. 
Nifty opened on a positive note at 25,186.30 and tested an intraday high of 25,212.10 during the 
morning session. However, it gradually declined, reaching an intraday low of 25,008.20 before closing at 
25,057.35. Sector-wise, Realty, Media, FMCG, and Banks led the gainers, while Metal, Auto, Pharma, and 
IT were the major losers.

Market breadth was negative, with 1,297 stocks advancing, 1,305 declining, and 141 remaining 
unchanged. Top gainers in the Nifty included BPCL, ICICI Bank, Britannia, and Bharti Airtel, while HDFC 
Life, Bajaj Auto, Wipro, and Bajaj Finance were among the top losers.

Technical overview:​

Momentum indicators continue to signal a negative trend as Nifty remains below its medium-term 
moving averages. The formation of a black candle on the daily chart, coupled with the close below the 
previous day's level, reinforces a bearish outlook.

On the downside, the index has immediate support at 25,020. If Nifty breaks and sustains below this 
level, the downtrend may extend. On the upside, resistance is seen at 25,100. A sustained move above 
this level could trigger a bullish reversal.

Intraday Levels:

Support: 25,020, 24,965, 24,915

Resistance: 25,100, 25,150, 25,215 (15-Minute Charts)

Positional Trading Levels:

Short-term Support: 24,750 - 24,450

Resistance: 25,500 - 26,275

Bank Nifty technical outlook  

In the last trading session, Bank Nifty closed at 51,906.00, up by 89.10 points. While momentum 
indicators suggest a negative trend, the index remains above its short-term moving averages. On the 
daily chart, a small black candle was formed, but the index closed above the previous day’s level, 
indicating that bullish momentum is still intact. On the downside, Bank Nifty has immediate intraday 
support at 51,800, while resistance is at 52,000.  

Although momentum indicators suggest a negative bias, Bank Nifty’s ability to stay above its short-term 
moving averages and close above the previous day's level reflects underlying bullish strength. For the 
uptrend to continue, the index must break and sustain above the 52,000 resistance level. A failure to do 
so could lead to downside pressure, with intraday support levels at 51,800 and below. Traders should 
closely monitor these levels for potential breakout or breakdown opportunities.

Intraday Levels (15-Minute Charts):

Support: 51,800, 51,600, 51,400

Resistance: 52,000, 52,200, 52,400

Positional Trading Levels:

Short-term Support: 51,750 - 50,500

Resistance: 52,800 - 54,460