Based on market closing on March 20
The Nifty ended the previous session at 23190.65, up 283.05 points or 1.24 percent. The positive trend will continue if the Nifty remains above the intraday support level of 23150.
In the previous session, Nifty opened with a positive bias at 23,036.60 and briefly dipped to an intraday low of 22,973.90.
Then the index rose and tested the intraday high of 23216.70 before closing at 23190.65.
All the sectors were closed on a positive bias. The top-performing sectors were auto, FMCG, IT, and Media. The market breadth was positive, with 1691 stocks advancing, 1109 declining, and 86 unchanged.
Among individual stocks under Nifty, BHARTIARTL, TITAN, BRITANNIA, and BPCL were the top gainers, whereas INDUSINDBK, BAJFINANCE, TRENT, and SHRIRAMFIN were the biggest losers
Technically, momentum indicators suggest a positive trend, and the index remains above its short-term and medium-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 possibility of continuing the uptrend.
The higher the index, the index has intraday resistance at the 23250 level. The positive trend can continue in the coming days if the index surpasses this level. The nearest intraday support is at the 23150 level.
Support - 23150, 23065,22980
Resistance 23250, 23350-23450 (15-Minute Charts)
Short-term support - 22680-22320
Resistance - 23250- 23800
In the preceding session, the Bank Nifty closed at 50062.85, registering a gain of 360.25 points. The technical parameters indicate 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 resistance level of 49750.
This pattern indicates that the momentum remains in favor of the bulls.
The positive bias will continue if the index remains above the 49750 level. The nearest intraday resistance is at 50200, while the support is at 49900.
As indicated by the 15-minute charts, intraday traders' support levels are 49900, 49650, and 49400, while resistance levels are 50200, 50450, and 50700.
Positional traders should watch short-term support at 49750–48750, with resistance at 50600–51750
