Based on market closing on January 29
The Nifty ended the previous session at 23163.10, recording a gain of 205.85 points or 0.90%. The positive trend will continue if the index remains above the support 23000.
In the previous session, Nifty opened positively at 23,026.80 and maintained its upward trend throughout the day, reaching an intraday high of 23,183.10 before closing at 23,163.10.
All the sectors except the FMCG were closed on a positive bias. The top sector gainers were realty, IT, media, and metal. The market breadth was positive with 2162 stocks rising, 577 falling, and 118 remaining unchanged.
The biggest gainers under the nifty were SHRIRAMFIN, BEL, TATAMOTORS, and WIPRO, whereas the major losers were MARUTI, BHARTIARTL, ASIANPAINT, and ITC.
From a technical point of view, the momentum indicators signal a positive trend, and the Nifty closes above its short-term moving averages.
Moreover, the index formed a white candle on the daily chart and closed above the previous day's close. All these indicate that the momentum is turning in favor of the bulls.
On the lower side, the index has short-term support at 23000. Positive momentum will continue as long as the index remains above this level. The nearest intraday resistance is at 23200 levels.
Support - 23100, 23000, 22900
Resistance - 23200, 23300-23400 (15-Minute Charts)
Short-term support - 23000-22500
Resistance - 23500- 23500.
In the preceding session, Bank Nifty closed at 49165.95., registering a gain of 299.10 points. The technical indicators suggest a positive trend, and the index remains above its short-term moving averages.
Moreover, the index formed a white candle on the daily chart and closed above the previous day's close. This pattern indicates the positive bias for the index.
On the lower side, the index has intraday support at the 48800 level, while the resistance is at 49200. If the index moves above the 49200 level, the positive trend can continue in the coming days.
Otherwise, the index may consolidate below this level for a day.
As indicated by the 15 minute charts, intraday traders' support levels are 48800, 48550, and 4830,while resistance levels are 49200, 49500, and 49800.
Positional traders should watch short-term support at 48000 - 47000, with resistance at 49600–50700.
(The author is a highly experienced stock market analyst and the founder of myequitylab.com)
