Based on market closing on March 18
The Nifty ended the previous session at 22834.30, up 325.55 points or 1.45 percent. The positive trend will continue if the Nifty remains above the intraday support level of 22680
In the previous session, Nifty opened with a positive bias at 22662.30, and this trend continued throughout the session and tested an intraday high of 22857.80 before closing at 22834.30.
All the sector indices were closed on a positive bias.
The top sector gainers were media, realty, auto, and PSU banks. The market breadth was positive, with 2111 stocks advancing, 664 declining, and 110 unchanged.
Among individual stocks under Nifty, ICICIBANK, M&M, LT, and SHRIRAMFIN were the top gainers, whereas BAJAJFINSV, BHARTIARTL, TECHM, and RELIANCE were the biggest losers.
Technically, momentum indicators suggest a positive trend, and the index closed above its short-term moving averages.
Moreover, the index formed a white candle on the daily chart and closed above the upper bound of the previous trading band of 22,320–22,680. This pattern indicates the possibility of continuing the uptrend.
The positive trend can continue in the coming days if the index trades and sustains above the 22680 level. The next short-term resistance is at the 23250 level, and the index may test this level in the coming days.
On an intraday basis the nearest support is at 22775 level and resistance is at 22850.
Support - 22775, 22700,22600
Resistance 22850, 22950-23050 (15-Minute Charts)
Short-term support - 22680-22320
Resistance - 23250- 23800
In the preceding session, the Bank Nifty closed at 49314.50, registering a gain of 960.35 points. The technical parameters indicate 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 closed near the day's high. This pattern indicates a positive bias for the index.
On the lower side, the index has short-term support at 48750. The positive bias will continue if the index remains above this level. The next short-term resistance is at the 49750 level. The nearest intraday resistance is at 49400, while the support is at 49100
As indicated by the 15-minute charts, intraday traders' support levels are 49400, 48800, and 48500, while resistance levels are 49400, 49700, and 50000.
Positional traders should watch short-term support at 48750–47750, with resistance at 49750–50600.
