Nifty hints a positive momentum

From the technical point of view, momentum indicators indicate a positive trend, and the Nifty remains above its short-term moving averages.

Updated on:

12 Dec 2024, 2:48 am

2 min read

Based on market closing on December 11

The Nifty closed at 24641.80 in the Thursday's session, up 31.75 points or 0.13 percent. To continue the bullish trend the index needs to move above 24700.

During the last session, Nifty opened positively at 24620.05, and the index tested the intraday high of 24691.80. Then the index moved in a sideways manner until closing at 24641.80. The biggest sector gainers were FMCG, auto, IT, and realty, while the major losers were media, banks, and financial services. The market breadth was positive with 1389 stocks rising, 1244 falling, and 157 remaining unchanged. The biggest gainers under the nifty were TRENT, BAJFINANCE, BRITANNIA, and SHRIRAMFIN, whereas the major losers were JSWSTEEL, ADANIPORTS, NTPC, and SBIN.

From the technical point of view, momentum indicators indicate a positive trend, and the Nifty remains above its short-term moving averages. Moreover, the index formed a small white candle on the daily chart and closed above the previous day's close. On the lower side, the index has short-term support at 24500. Over the last five trading sessions, the index has been consolidating above the support level of 24500. If the index remains above this level the positive trend will continue. The nearest intraday resistance is at 24700. To resume the bullish trend the index needs to move above this level.

Intraday levels:

Support - 24600, 24500, 24425

Resistance - 24700, 24775-24850 (15-Minute Charts)

Positional trading:

Short-term support - 24500 -23800

Resistance - 25000- 25500.

Bank Nifty technical outlook

In the Thursday's session, Bank Nifty closed at 53391.35, registering a loss of 186.35 points. Technically, momentum indicators suggest a positive trend, and the index remains above its short-term and long-term moving averages. However, the index formed a small black candle on the daily chart and closed below the previous day's close. This pattern indicates a slightly negative bias for the index.

Over the last few trading sessions, the index has been consolidating below the resistance level 53850. The index needs to move above this level to resume the recent bullish trend. On the lower side, the index has intraday support at 53300, while the resistance at 53600.