Based on market closing on February 12
The Nifty ended the Wednesday's session at 23045.25, down -26.55 points or-0.12 percent. A positive trend can be expected if the nifty remains above the short-term support level of 23500.
In the previous session, Nifty opened with a negative bias at 23,050.80, continuing its decline and hitting an intraday low of 22,798.30 during the morning trade. Then the index bounced back and tested the intraday high of 23144.70, finally closing at 23045.25.
The PSU banks, metal, and financial services were the biggest gainers, while the losers were realty, auto, IT, and pharma. The market breadth remained negative, with 1010 stocks advancing, 1749 declining, and 107 unchanged.
The biggest gainers under the nifty were, BAJAJFINSV, SBILIFE, HDFCLIFE, and TATASTEEL, whereas the major losers were M&M, EICHERMOT, BEL, and ITC.
Technically, the momentum indicators signal a neutral trend. However, the index remains below the short-term and long-term moving averages. The index formed a Doji candle on the daily chart after five consecutive black candles and closed just below the previous close.
This pattern indicates indecision in the market. The long lower shadow of the candle shows that buying interest emerged near the support zone and closed above the short-term support level of 23000, indicating a possibility for a positive trend.
If the index moves below the support level, there is a possibility of continuing the downtrend. The nearest intraday resistance is at 23130 levels. For a pullback rally, the index needs to trade and sustain above this level.
Support - 22960, 22825, 22700
Resistance - 23130, 23250-23400 (15-Minute Charts)
Short-term support - 23000-22500
Resistance - 23500- 24200.
In the preceding session, Bank Nifty closed at 49479.45, registering a gain of 76.05 points. The technical parameters indicate a positive trend. But the index remains below its short-term and long-term moving averages.
However, the index formed a small white candle on the daily chart and closed above the previous closing. The long lower shadow of the candle indicates buying interest near the support zone.
On the higher side, the index has short-term resistance at the 49600 level. If the index surpasses this level, a further uptrend can be expected in the coming days. The nearest intraday support is at 49270 levels.
As indicated by the 15-minute charts, intraday traders' support levels are 49270, 49000, and 48700, while resistance levels are 49675, 50000, and 50300.
Positional traders should watch short-term support at 48750–47750, with resistance at 49600–50700.
