Momentum indicators likely to signal a bearish trend

Based on market closing November 18

The Nifty ended the session at 23,483.80, registering a decline of 78.90 points or -0.34%. On the downside, immediate intraday support is visible at 23,350. A breach below this level could extend the ongoing downtrend in the coming days.

In Monday’s session, the index opened on a positive note at 23,605.30 but struggled to maintain momentum. It gradually slipped to an intraday low of 23,350.40 before recovering slightly to close at 23,483.80. Sector-wise, Metals, FMCG, PSU Banks, and Realty outperformed, while IT, Media, and Pharma dragged the market lower. Market breadth reflected bearish sentiment, with 967 stocks advancing, 1,686 declining, and 126 remaining unchanged. Among the top Nifty gainers were Hindalco, Hero MotoCorp, Tata Steel, and M&M, while the key laggards included TCS, BPCL, Infosys, and Dr. Reddy’s. 

Momentum indicators signal a bearish trend as the Nifty trades below its medium- and long-term moving averages. The formation of a black candle on the daily chart and a close below the previous session’s level further confirm negative momentum. Immediate intraday support lies at 23,350. If breached, the next key short-term support is at 23,150. On the upside, intraday resistance is remains at 23,600. Sustaining above this level may trigger a bounce, with additional resistance at 23,730.  

Intraday trading levels 

Support: 23,350, 23,250, 23,150

Resistance: 23,500, 23,600–23,730

Positional:

Support: 23,150, 22,750

Resistance: 23,800, 24,500

Overall, the market sentiment remains bearish unless the index manages to trade and sustain above critical resistance levels. Traders should monitor the 23,350 level closely for signs of further weakness or reversal.

Bank Nifty technical outlook 

In the previous session, Bank Nifty closed at 50,363.80, marking a gain of 184.25 points. Despite this rise, momentum indicators reflect a negative trend, with the index trading below its short- and medium-term moving averages. On the daily chart, the index formed a small white candle, closing above the prior session’s close. This pattern suggests a potential phase of consolidation. The index has crucial support in the 49,900–49,600 zone. Sustaining above this area could lead to a short-term positive trend. Intraday resistance is at 50,500. A sustained move above this level is essential for a bullish breakout. 

Intraday levels (Based on 15-Minute Charts) 

Support: 50,200, 49,960, 49,650

Resistance: 50,500, 50,800, 51,000  

Positional levels 

Support: 49,600–48,300

Resistance: 51,000–52,400