Based on market closing on March 10
The Nifty ended the previous session at 22460.30, down 92.20 points or -0.41 percent. The negative trend may persist if the index remains below the intraday resistance of 22500.
In the previous session, Nifty opened negative bias at 22521.80 before further down the index and tested the intraday high of 22676.80 in the morning trade. Then, the index gradually fell and hit the intraday low of 22429.10 before closing at 22460.30.
All the sectors except FMCG were closed on a negative bias. The top sector losers were realty, PSU banks, auto, and metals. The market breadth was negative, with 513 stocks advancing, 2221 declining, and 148 unchanged.
Among individual stocks under Nifty, POWERGRID, HINDUNILVR, INFY, and SBILIFE were the top gainers, whereas ONGC, TRENT, INDUSINDBK, and BAJAJ-AUTO were the biggest losers
Technically, momentum indicators suggest a neutral trend, but the index remains above its short-term moving averages. However, the index formed a black candle on the daily chart, and its closing near the day's low, signals a weakness.
On the higher side, the index has intraday resistance at 22500. If the index remains below this level, the negative trend can also continue in the coming days.
The nearest short-term support is at the 22400 level.
Support - 22400, 22300, 22200
Resistance 22500, 22600-22700 (15-Minute Charts)
Short-term support - 22000-21200
Resistance - 22750- 23500
In the preceding session, the Bank Nifty closed at 48216.80, registering a loss of 280.70 points. The technical parameters indicate a negative trend. And the index remains below its short-term moving averages.
The index formed a small 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 48100. The downtrend will continue if the index moves below the support level.
For a positive trend, the index needs to move above intraday resistance level 48300.
As indicated by the 15-minute charts, intraday traders' support levels are 48100, 47900, and 47700, while resistance levels are 48300, 48500, and 48700.
Positional traders should watch short-term support at 47750–47000, with resistance at 48750–50000.
