Based on market closing on February 27
The Nifty ended the Thursday's session at 22545.05, down -2.50 points or 0.01 percent. The downtrend could continue If the index moves below the support level 22500.
In the previous session, Nifty opened with a positive bias at 22568.90 and tested the intraday high of 22613.30 in the morning trade. Then, the index gradually fell and traded sideways before closing at 22,545.05.
The top sector gainers were financial services, metal, and banks, while the biggest losers were media, realty, and auto.
The market breadth remained negative, with 487 stocks advancing, 2259 declining, and 135 unchanged.
The biggest gainers under the nifty were SHRIRAMFIN, BAJAJFINSV, BAJFINANCE, and SUNPHARMA, whereas the major losers were ULTRACEMCO, TRENT, BAJAJ-AUTO and TATAMOTORS.
Technically, the momentum indicators continue in the oversold region, with the index trading below its short-term and long-term moving averages.
The index formed a small black candle on the daily chart and closed below the previous day's close. All these indicate that the momentum remains in favor of the Bears.
On the lower side, key support lies in the 22,500 range. If the index moves below this level, the downtrend can continue in the coming days.
Otherwise, the index may consolidate below this level for a few more days. The nearest intraday resistance is at 22600 levels. The index must trade and sustain above this level for a potential pullback rally.
Support - 22510, 22430, 22350
Resistance 22600, 22670-22735 (15-Minute Charts)
Short-term support - 22500-22000
Resistance - 22800- 23250.
In the preceding session, the Bank Nifty closed at 48473.80, registering a gain of 135.45 points.
The technical parameters indicate a negative trend. The index remains below its short-term and long-term moving averages.
The index formed a Doji candle on the daily chart and remains below the resistance level at 48750. If the index remains below this level, the consolidation can continue in the coming days.
The nearest intraday support is at 48600 levels. The index must close above the short-term resistance level of 48750 for a positive trend.
As indicated by the 15-minute charts, intraday traders' support levels are 48600, 48400, and 48200, while resistance levels are 48800, 49050, and 49250.
Positional traders should watch short-term support at 47750–47000, with resistance at 48750–50000.
