Based on market closing on February 01
The Nifty ended the previous session at 23482.15, down -26.25 points or- 0.11% gain. For a positive trend, the index needs to move above 23500. In the previous session, Nifty opened positively at 23,528.60 and reached an intraday high of 23,632.40.
Then the index fell and hit a low of 23318.30 before closing at 23482.15. The top sector gainers were realty, FMCG, media, and auto, while the major losers were PSU banks, IT, metal, and pharma. The market breadth was positive with 1434 stocks rising, 1279 falling, and 144 remaining unchanged.
The biggest gainers under the nifty were, TRENT, MARUTI, TATACONSU, and EICHERMOT, whereas the major losers were POWERGRID, BEL, LT, and GRASIM.
From a technical point of view, the momentum indicators signal a positive trend, and the Nifty remains above its short-term moving averages.
However, the index formed a small black candle on the daily chart and closed just below the previous day's close. This pattern indicates a slightly negative bias for the index.
On the higher side, the index has short-term resistance at 23500. The recent bullish trend will resume if the index closes above this level.
Otherwise, the index may consolidate below this level for a few days. The nearest intraday support is at 23435.
Support - 23435, 23350, 23250
Resistance - 23550, 23650-23750
Support - 23000-22500
Resistance - 23500- 24200.
In the preceding session, Bank Nifty closed at 49506.40., registering a loss of -80.25 points. The technical indicators suggest a positive trend, and the index remains above its short-term moving averages.
However, the index formed a black candle on the daily chart and closed below the previous day's close.
This pattern indicates the negative bias for the index.
On the higher side, the index has short-term resistance at the 49600 level.
If the index closes above this level, the recent uptrend can resume. The nearest intraday support is at 49350 levels.
Intraday traders' support levels are 49350, 49100, and 48850, while resistance levels are 49660, 50000, and 50300.
Positional traders should watch short-term support at 48000–47000, with resistance at 49600–50700.
