Based on market closing on March 12
The Nifty ended the previous session at 22470.50, down -27.40 points or -0.12 percent. The higher side, the 22500 level, is the nearest intraday resistance for the Nifty.
In the previous session, Nifty opened with a positive bias at 22536.30 and tested the intraday high of 22577.40 in the morning trade. Then, the index gradually fell and hit the intraday low of 22329.60 before closing at 22470.50.
The top sector gainers were private banks, financial services, auto, and pharma, while the losers were IT, realty, and media. The market breadth was negative, with 914 stocks advancing, 1838 declining, and 130 unchanged.
Among individual stocks under Nifty, INDUSINDBK, TATAMOTORS, KOTAKBANK, and BAJFINANCE were the top gainers, whereas INFY, WIPRO, TECHM, and NESTLEIND were the biggest losers
Technically, momentum indicators suggest a positive trend, and the index 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.
On the upside, the index faces intraday resistance at 22,600, while support is at 22,320. A breakout above or below these levels will determine the market's next directional move.
The overall market trend remains positive. However, for a strong bullish momentum to emerge, the index must close above the 22,750 level.
Support - 22400, 22320, 22250
Resistance 22500, 22600-22700 (15-Minute Charts)
Short-term support - 22000-21200
Resistance - 22750- 23500
In the preceding session, the Bank Nifty closed at 48056.65, registering a gain of 202.70 points. The technical parameters indicate a negative trend. And the index remains below its short-term moving averages. However, the index formed a small white candle on the daily chart and closed above the previous day's close.
This pattern indicates a positive bias for the index.
On the lower side, the index has intraday support at 48000 and resistance at 48250. The positive bias will continue if the index moves above the 48250 level. Otherwise, the index may consolidate above the 47750 level for a few days.
As indicated by the 15-minute charts, intraday traders' support levels are 48000, 47800, and 47600, while resistance levels are 48250, 48500, and 48700.
Positional traders should watch short-term support at 47750–47000, with resistance at 48750–50000.
