Nifty hints at potential market weakness

Based on market closing on November 11

In the Monday's trading session, the Nifty closed at 24,141.30, down 6.90 points or 0.03%. The index could see continued downward momentum if it falls below the intraday support at 24,085.

The session opened with Nifty at 24,087.30, marking a negative start, and it quickly dropped to an intraday low of 24,004.60 in the morning. However, the index rebounded, reaching an intraday high of 24,336.80 before settling at 24,141.30. Sector-wise, IT, banks, and financial services outperformed, while media, metals, pharma, and FMCG experienced losses. Market breadth was negative, with 782 stocks advancing, 1,881 declining, and 110 unchanged. Notable gainers included Power Grid, Trent, Infy and HCL Tech, while the top losers were Asian Paints, Britannia, Appollo Hospital and Cipla.  

On the technical front, momentum indicators signal a neutral trend, with the Nifty trading below its short-term and medium-term moving averages. The index formed a small white candle on the daily chart but closed below the prior day’s close, indicating bearish momentum. Immediate intraday support lies at 24,085; a breach of this level could signal further downside in the coming days. For a potential pullback, the nearest intraday resistance stands at 24,200.

Trading levels​

Intraday

Support: 24,085, 24,000, 23,900

Resistance: 24,200, 24,330-24,440 (15-Minute Charts)

Positional trading: 

Short-term support: 23,800 - 23,350 

Resistance: 24,500 - 25,200

Bank Nifty technical outlook 

In the previous session, Bank Nifty closed at 51,876.75, up by 315.55 points, showing a positive trend supported by technical indicators. It closed above its short-term and medium-term moving averages and formed a white candle on the daily chart, ending above the prior day's close, signaling a bullish bias. The index could continue its uptrend if it holds above 51,800 intraday support. The nearest intraday resistance is at 52,050.

Trading levels  

Intraday:  

Support: 51,800, 51,540, 51,300

Resistance: 52,050, 52,285, 52,500

Positional trading:  

Short-term support: 51,000–50,000

Resistance: 52,400–53,500