Based on market closing on February 10
The Nifty ended the Monday session at 23381.60, down -178.35 points or-0.76 percent. The downtrend will continue if the nifty moves below the 23315 level.
In the previous session, Nifty opened on a negative bias at 23543.80 and this trend continued and hit the intraday low of 23316.30. However, the closing session index recovered from the low and closed at 23381.60. All the sectors were closed on a negative bias.
The top sector losers were realty, metal, media, and pharma. The market breadth was negative with 456 stocks rising, 2268 falling, and 130 remaining unchanged.
The biggest gainers under the nifty were, KOTAKBANK, BHARTIARTL, BRITANNIA, and TATACONSUM, whereas the major losers were TRENT, POWERGRID, TATASTEEL, and TITAN.
Technically, the momentum indicators signal a positive trend. However, the index closed below the short-term moving averages. Moreover, the index formed the fourth consecutive black candle on the daily chart and closed below the previous day's close. This pattern indicates that momentum remains in favor of the bears.
On the lower side, the index has intraday support at the 23315 level, while the resistance is at 23400. If the index moves below the 23315 level, the downtrend will also continue today. For a positive trend, the index needs to trade and sustain above 23400 levels.
Support - 23300, 23240, 23170
Resistance - 23400, 23500-23600 (15-Minute Charts)
Positional trading
Short-term support - 23000-22500
Resistance - 23500- 24200.
In the preceding session, Bank Nifty closed at 49981.00, registering a loss of -177.85 points. The technical parameters indicate 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 closing.
This pattern indicates a negative bias for the index. On the higher side, the index has intraday resistance at the 50100 level. The nearest short-term support stays at the 49600 level. If the index closes below this level, a further downtrend can be expected in the coming days. Otherwise, a pullback rally can occur from the support area.
As indicated by the 15-minute charts, intraday traders' support levels are 49900, 49700, and 49500, while resistance levels are 50100, 50300, and 50500.
Positional traders should watch short-term support at 49600–48000, with resistance at 50700–52000.
