Nifty nears key resistance, sentiment bullish

Nifty technical outlook based on market closing on September 24: 

In the latest trading session, the Nifty closed at 25,940.40, marking a marginal increase of 1.35 points, or 0.01%. The bullish trend is expected to persist as long as the index remains above the short-term support level of 25,850.

The Nifty opened with a negative bias at 25,921.40 and hit an intraday low of 25,886.80 during the morning session. However, the index rebounded, reaching a record high of 26,011.60 before closing at 25,940.40. Sector-wise, metals, IT, auto, and pharma were the top gainers, while PSU banks, FMCG, realty, and private banks underperformed.

Market breadth was negative, with 1,186 stocks advancing, 1,453 declining, and 84 remaining unchanged. The top gainers on the Nifty index were TATASTEEL, HINDALCO, POWERGRID, and TECHM, while SBILIFE, HINDUNILVR, GRASIM, and ULTRACEMCO were the major losers.

Momentum indicators

Momentum indicators continue to signal a positive trend, with the Nifty holding above both short-term and long-term moving averages. A small white candle formed on the daily chart, indicating strength as the index closed above the previous session’s high. The Nifty has maintained its position above the short-term support level of 25,850 over the past two sessions, suggesting further bullishness if this level holds. Immediate intraday resistance is seen at 26,000. A breakout above this resistance could pave the way for further gains toward 26,400. Conversely, a drop below 25,850 may indicate a potential shift in the ongoing bullish trend.

Intraday levels
Support:5,900, 25,820, 25,700
Resistance:26,000, 26,075–26,150 (15-Minute Charts)

Positional trading
Short-term support:25,850, 25,350
Resistance: 26,400–27,000 

Bank Nifty technical outlook

In Wednesday's trading session, Bank Nifty closed at 53,968.60, down by 137.20 points. While momentum indicators suggest a positive trend, with the index remaining above its short-term and long-term moving averages, the formation of a black candle on the daily chart signals potential consolidation as the index closed below the prior session's close.

Market Indicators: On the upside, Bnk Nifty faces intraday resistance at 54,200, and for a bullish trend to resume, it must surpass this level. On the downside, support is at 53,900. A breach below this level could indicate a mildly negative trend for the day.

Bank intraday levels
Support:53,900, 53,700, 53,450
Resistance: 54,200, 54,400, 54,600 (15-minute charts)

Positional Trading
Short-term support: 53,400–52,100
Resistance: 54,500–55,600