Markets' positive momentum likely to continue today

(Technical outlook based on market closing on Thursday, September 12)

In the latest trading session, the Nifty reached a record high, closing at 25,388.90, with a gain of 470.45 points, or 1.89%. The positive momentum may continue if the index surpasses the intraday resistance level of 25,435.

The session started positively, with the Nifty opening at 25,059.70. Despite dipping to an intraday low of 24,941.40 during morning trade, the index surged in the afternoon, hitting a record high of 25,433.30 before settling at 25,388.90. All sectors ended in the green, with metals, auto, PSU banks, and IT leading the gains.

The market breadth was strong, with 1,522 stocks advancing, 1,069 declining, and 112 remaining unchanged. Notably, all Nifty index stocks finished positive, with HINDALCO, BHARTIARTL, NTPC, and SHRIRAMFIN among the top gainers.

Technically, momentum indicators signal a continued positive trend as the Nifty closed above its short-term moving averages. The formation of a long white candle on the daily chart, combined with the record close, suggests a bullish outlook. Immediate resistance is seen at 25,435, with support at 25,300. If the index breaks above this resistance, the bullish trend may extend further; otherwise, a brief consolidation below this level could occur.

Intraday levels

Support: 25,300, 25,200, 25,100
Resistance: 25,435, 25,525–25,600 (15-minute charts)

Positional trading levels

Short-term support: 25,350–24,800
Resistance: 25,850–26,350

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Bank Nifty outlook

In the previous session, the Bank Nifty closed at 51,772.40, gaining 762.40 points. Momentum indicators suggest a bullish trend, with the index closing above its short-term moving averages. The formation of a white candle on the daily chart, along with the close above the key resistance level of 51,750, signals continued positive momentum.

On the upside, Bank Nifty faces intraday resistance at 51,850. If the index breaks above this level, the momentum could drive it higher in the short term. However, traders should be cautious of potential consolidation if the index fails to hold this resistance.

For intraday traders, key support levels are 51,600, 51,400, and 51,200, while resistance is seen at 51,850, 52,075, and 52,300 (based on 15-minute charts).

Positional trading levels

Short-term Support: 51,750–50,700
Resistance: 52,775–53,400