Based on market closing on February 13
The Nifty ended the Thursday's session at 23031.40, down -13.85 points or-0.06 percent. A positive trend can be expected if the nifty holds the short-term support level of 23500.
In the previous session, Nifty opened with a positive bias at 23,055.80, before moving further up the index hit the intraday low of 22992.20 in the morning trade. Then the index rose and tested the intraday high of 23235.50, finally closing at 23031.40.
The pharma, metal, realty and media were the biggest gainers, while the major losers were IT, PSU banks, FMCG and auto. The market breadth remained negative, with 1191 stocks advancing, 1527 declining, and 149 unchanged.
The biggest gainers under the nifty were, BAJAJFINSV, SUNPHARMA, TATASTEEL, and BAJFINANCE, whereas the major losers were ADANIENT, ADANIPORTS, HEROMOTOCO, and INFY.
Technically, the momentum indicators signal a neutral trend. However, the index remains below the short-term and long-term moving averages. The index formed a second consecutive Doji candle on the daily chart and closed just below the previous close.
This pattern indicates indecision in the market. The long upper shadow of the candle shows that selling pressure emerged near the resistance zone but it closed above the short-term support level of 23000, indicating a possibility for a consolidation.
If the index moves below the support level, there is a possibility of continuing the downtrend. The nearest intraday resistance is at 23130 levels. For a positive trend, the index needs to trade and sustain above this level.
Support - 22960, 22825, 22700
Resistance - 23130, 23250-23400 (15-Minute Charts)
Short-term support - 23000-22500
Resistance - 23500- 24200.
In the preceding session, Bank Nifty closed at 49359.85, registering a loss of -119.60 points. The technical parameters indicate a positive trend. But the index remains below its short-term and long-term moving averages.
Moreover, the index formed a small black candle on the daily chart and closed below the previous closing. This pattern indicates slightly negative bias for the index. The nearest intraday support is at 49270 levels.
This pattern indicates slightly negative bias for the index. The nearest intraday support is at 49270 levels.
If the index moves below this level, the downtrend can continue today. On the higher side, the index has short-term resistance at the 49600 level. If the index trade and sustains above this level, a positive trend can be expected today
As indicated by the 15-minute charts, intraday traders' support levels are 49270, 49000, and 48700, while resistance levels are 49600, 49500, and 50100.
Positional traders should watch short-term support at 48750–47750, with resistance at 49600–50700.
