TECHNICAL ANALYSIS: Positive trend likely to continue

(Based on July 12 market closing)

The Nifty index closed at 24,502.15, up 186.20 points (0.77%). As long as it stays above the intraday support level of 24,475, the positive trend is expected to continue.

Nifty opened at 24,387.90, hit a low of 24,331.20 in the morning, and tested a record high of 24,592.20 before closing at 24,502.15. IT, media, FMCG, and private banks saw gains, while realty, public sector banks, auto, and metal sectors faced losses. As many as 970 stocks advanced, 1,556 declined, and 114 remained unchanged, indicating a negative broader market.

In the Nifty 50 index, TCS, Wipro, Infosys, and HCL led the gains, while Maruti, Divi's Lab, Coal India, and Asian Paints recorded the most losses.

Momentum indicators show a positive trend. Nifty is above both its long-term and short-term moving averages. The daily chart displays a white candlestick, closing at a record high, indicating a bullish trend. The nearest intraday resistance is at 24,600. Nifty has short-term support at 24,475. If it maintains above this level, it could test the next short-term resistance at 24,750 in the coming days.

Intraday levels:

• Support: 24,475 - 24,400 - 24,325
• Resistance: 24,600 - 24,675 - 24,750 (15-minute charts)

Positional trading:

• Short-term support: 24,250 - 23,800
• Resistance: 24,750 - 25,250

Bank Nifty

Bank Nifty closed at 52,278.90, up 8.25 points. Momentum indicators show a negative trend, with the index below its short-term moving average. The daily chart features a doji candle, closing just above the previous day's level, indicating potential consolidation. Bank Nifty has intraday resistance at 52,350. If it moves above this level, the positive trend may continue. Otherwise, it might consolidate above the support level of 51,900 for a few days.

Intraday support levels:

• 52,100 - 51,900 - 51,700
• Resistance: 52,350 - 52,600 - 52,850 (15-minute charts)

Positional trading:

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