Markets' bullish momentum is expected to continue today

Nifty technical outlook based on the market clsoing on September 20

In Friday's trading session, the Nifty closed at 25,790.95, marking an impressive gain of 375.15 points, or 1.48%. The bullish momentum is expected to continue if the index can surpass the immediate resistance level at 25,850.

In the last trading session, the Nifty opened on a positive note at 25,525.90 and sustained its upward movement throughout the session. It briefly touched an all-time high of 25,849.30 before settling at 25,790.95. Except for the PSU banking sector, all other sectors closed in positive territory. Notable gainers were seen in the realty, auto, metal, and financial services sectors.

The overall market breadth was positive, with 1,628 stocks advancing, 984 declining, and 104 remaining unchanged. Among the top performers were M&M, ICICI Bank, JSW Steel, and L&T, while the biggest laggards included Grasim, SBI, IndusInd Bank, and TCS.

Positive outlook

From a technical standpoint, momentum indicators continue to reflect a positive outlook, with the Nifty trading above both its short-term and long-term moving averages. A white candle formed on the daily chart, and the RSI closed above 70, reinforcing bullish sentiment. Should the Nifty surpass the 25,850 mark, it may next target resistance at 26,350 in the near term. However, a failure to sustain this level could lead to a period of consolidation.

Intraday levels
Support: 25,750, 25,650, 25,550
Resistance: 25,850, 25,925–26,000 (based on 15-minute charts)

Positional trading levels
Support: 25,350, 24,800
Resistance: 25,850, 26,350

Bank Nifty technical outlook

In the latest session, Bank Nifty closed at 53,793.20, achieving a substantial gain of 755.60 points.

Technically, momentum indicators are pointing towards a positive trend, with the index maintaining its position above both short-term and long-term moving averages. A white candle formed on the daily chart, and the index closed at an all-time high, signalling the potential for the bullish trend to continue.

On the upside, Bank Nifty faces immediate resistance at 54,500, while key support lies at 53,400. The bullish momentum is expected to persist if the index remains above the 53,400 level.

For intraday traders, key support levels to watch are 53,750, 53,500, and 53,200, while resistance levels are positioned at 54,000, 54,250, and 54,500, according to the 15-minute charts.

Bank positional trading levels
Support: 53,400–52,100
Resistance: 54,500–55,600