Based on the market closing on March 24
The Nifty surged by 307.95 points (1.32%) to end the session at 23,658.35. The index began the day on a positive note at 23,515.40 and went on to test an intraday high of 23,708.80 before closing slightly lower.
A sustained move above the intraday resistance of 23,700 could potentially confirm a continuation of the positive trend.
All sectors ended in the green, with the strongest performance coming from banks, financial services, realty, and IT stocks.
The broader market also remained positive, with 1,819 stocks advancing, 978 declining, and 92 remaining unchanged.
Within the Nifty 50, the top gainers included Kotak Mahindra Bank, NTPC, SBI, and Tech Mahindra. On the losing side, Titan, IndusInd Bank, Trent, and Mahindra & Mahindra saw the most decline.
Momentum indicators continue to show a positive bias. The index is trading above both its short-term and medium-term moving averages. On the daily chart, the index formed a white candlestick, closing well above the previous day’s level. This pattern suggests that the momentum is still in favour of the bulls.
The index faces short-term resistance at 23,800. If it manages to close above this level, the uptrend is likely to continue in the coming days, with the next hurdle seen at 24,200. The nearest intraday support is at 23,600.
Support: 23,600 – 23,500 – 23,400
Resistance: 23,700 – 23,800 – 23,900
Support: 23,250 – 22,680
Resistance: 23,800 – 24,225
Bank Nifty closed with a sharp gain of 1,111.40 points, ending at 51,704.95. The technical parameters indicate a positive trend, with the index trading above both its short-term and medium-term moving averages.
On the daily chart, it formed a white candlestick and closed just below a key resistance level of 51,750. This suggests bullish momentum is likely to continue in the days ahead.
If the index breaches the 51,750 resistance level, it could head towards testing the next major resistance at 53,650. The nearest intraday support is at 51,500.
Support: 51,500 – 51,150 – 50,800
Resistance: 51,850 – 52,250 – 52,650
Support: 50,600 – 49,750
Resistance: 51,750 – 53,650
