Nifty market outlook is bearish today

Based on market closing on November 7

In the Thursday's trading session, the Nifty closed at 24,199.35, down by 284.70 points, or 1.16%. A bearish 
outlook may persist if the index breaks below the intraday support level of 24,170.

The Nifty opened on a positive note at 24,489.60 and briefly touched an intraday high of 24,503.30 in the morning session. However, it then experienced a sharp decline, reaching an intraday low of 24,179.10 and closing at 24,199.35. All sectors ended in negative territory, with the heaviest losses seen in metal, pharma, realty, and auto. Market breadth was weak, with 1,561 stocks declining, 1,106  advancing, and 95 remaining unchanged. The top gainers in the Nifty included Apollo Hospitals, SBI, HDFC Life, and TCS, while the biggest losers were Hindalco, Trent, Shriram Finance, and Grasim.

Technically, momentum indicators point to a negative trend, with the Nifty closing below its short-term moving averages. The formation of a black candle on the daily chart, coupled with a close near the day’s low, suggests that bearish momentum may continue. Immediate intraday support is at 24,170; if the index falls below this level, the downtrend could extend in the coming sessions. The nearest intraday resistance lies at 24,260, and a move above this level would be necessary for any potential pullback rally.

Intraday levels: 

Support: 24,170, 24,040, 23,920

Resistance: 24,260, 24,365 - 24,500 (15-Minute Charts)

Positional levels: 

Short-term support: 23,800 - 23,350

Resistance: 24,500 - 25,200

Bank Nifty technical outlook

In the previous trading session, Bank Nifty closed at 51,916.50, down by 400.90 points. Although momentum indicators suggest a generally positive trend, with the index remaining above its short- and medium-term moving averages, the formation of a black candle on the daily chart and a close below the prior day’s level indicate a shift to a bearish bias.

On the downside, Bank Nifty has immediate intraday support at 51,800. If the index trades and sustains below this level, the downtrend could persist. For any bullish momentum to resume, the index would need to break above the intraday resistance at 52,075.

Intraday levels: 

Support: 51,800, 51,530, 51,250

Resistance: 52,075, 52,265, 52,500 (15-Minute Charts)

Positional levels: 

Short-term support: 51,000 – 50,000 

Resistance: 52,400 – 53,500