Based on market closing on March 11
The Nifty ended the Tuesday session at 22497.90, up 37.60 points or 0.17 percent. The positive trend may persist if the index moves above the intraday resistance of 22500.
In the previous session, Nifty opened negative bias at 22345, then the index gradually rose and tested the intraday high of 22522.10 before closing at 22497.90.
The top sector gainers were realty, financial services, metals, and pharma, while the losers were banks, IT, auto, and media. The market breadth was negative, with 866 stocks advancing, 1869 declining, and 147 unchanged.
Among individual stocks under Nifty, TRENT, BPCL, SUNPHARMA, and ICICIBANK were the top gainers, whereas INDUSINDBK, INFY, M&M, and BAJAJFINSV were the biggest losers
Technically, momentum 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 its closing near the day's high signals a strength.
On the higher side, the index has intraday resistance at 22500. The positive trend can continue today if the index moves above this level.
The nearest intraday support is at the 22400 level. For a strong bullish trend, the index needs to close above the 22750 level.
Support - 22400, 22300, 22200
Resistance 22500, 22600-22700 (15-Minute Charts)
Positional trading
Short-term support - 22000-21200
Resistance - 22750- 23500
In the preceding session, the Bank Nifty closed at 47853.95, registering a loss of 362.85 points. The technical parameters indicate a negative trend. And the index remains below its short-term moving averages.
The index formed a doji 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 short-term support at 47750. The downtrend will continue if the index moves below the support level.
Otherwise, the index may consolidate above this level for a few days. For a positive trend, the index needs to move above intraday resistance level 48030.
As indicated by the 15-minute charts, intraday traders' support levels are 47800, 47600, and 47400, while resistance levels are 48030, 48250, and 48500.
Positional traders should watch short-term support at 47750–47000, with resistance at 48750–50000.
