Positive momentum persists

By Jose Mathew T

The Nifty closed at 24,800.80 on Thursday, up 187.85 points or 0.76%. A positive trend will continue if the index stays above the intraday support level of 24,750.

Session recap

In the last session, Nifty opened at 24,543.80 with a negative bias but gradually rose to a record high of 24,837.80 before closing at 24,800.80. IT, FMCG, financial services, and banking sectors led the gains, while media, metal, and realty sectors lagged. Market breadth was negative with 788 stocks advancing, 1,767 declining, and 85 remaining unchanged. Top gainers in the Nifty were LTIM, TCS, ONGC, and BAJAJFINSV. Major losers included ASIANPAINT, COALINDIA, HEROMOTOCO, and GRASIM.

Technical analysis

Technically, momentum indicators signal a positive trend. The Nifty remains above both long-term and short-term moving averages, forming a white candle on the daily chart and closing at a record high. This pattern suggests a continuation of the bullish trend. The nearest intraday support is at 24,750. If the index stays above this level, the bullish trend is expected to continue. Intraday resistance is at 24,850.

Intraday levels

Support: 24,750, 24,665, 24,575
Resistance: 24,850, 24,925-25,000 (15-Minute Charts)

Positional trading levels

Short-term support: 24,750-24,250
Resistance: 25,250-25,750

Bank Nifty

In the preceding session, Bank Nifty closed at 52,620.70, up 223.90 points. Technically, momentum indicators signal a neutral trend. The index remains above long-term and medium-term moving averages, forming a white candle on the daily chart and closing above recent levels, indicating a positive bias.

On the higher side, intraday resistance is at 52,800. If the index closes above this level, the bullish trend may continue. Otherwise, the index might consolidate above the support level of 51,900 for a few more days.

Support: 52,600, 52,400, 52,200
Resistance: 52,800, 53,000, 53,200 (15-Minute Charts)

Positional trading levels

Short-term support: 51,900-50,650
Resistance: 53,250-54,500