Nifty and Bank Nifty maintain positive momentum

Nifty technical outlook based on the market closing on Tuesday, September 17: 

In Tuesday's rading session, the Nifty closed at 25,418.55, marking a gain of 34.80 points, or 0.14%. For the bullish momentum to continue, the index needs to breach the intraday resistance level of 25,450.

The session opened with a positive bias as the Nifty began at 25,416.90. It briefly touched an intraday low of 25,352.30 before recovering, trading within a narrow range, and closing near its opening level at 25,418.55.

Among sectoral performers, realty, auto, private banks, and IT led the gains, while media, PSU banks, metals, and pharma lagged behind. The broader market sentiment was negative, with 984 stocks advancing, 1,597 declining, and 133 remaining unchanged. Leading the gains were HEROMOTOCO, BAJAJ-AUTO, BHARTIARTL, and NTPC, while TATA MOTORS, EICHERMOT, ADANIPORTS, and COALINDIA topped the losers' list.

Positive trend

From a technical standpoint, momentum indicators continue to reflect a positive trend, with the Nifty trading above both its short-term and long-term moving averages. A Doji candle formed on the daily chart, with the index closing just above the previous day’s level. This pattern suggests a potential consolidation phase before a decisive move. The key resistance level remains at 25,450, and sustained movement above this is essential to preserve the upward trajectory. On the downside, immediate support is pegged at 25,340.

Intraday levels:
Support: 25,340, 25,260, 25,150
Resistance: 25,450, 25,525–25,600 (15-Minute Charts)

Positional trading:
Short-term Support: 25,350–24,800
Resistance: 25,850–26,350

Bank Nifty technical outlook

In the last trading session, the Bank Nifty closed at 52,188.65, rising by 35.50 points. Technically, momentum indicators signal a positive trend, with the index remaining above both short-term and long-term moving averages. A small black candle appeared on the daily chart, yet the index still closed higher than the previous day’s close, indicating sustained bullish momentum.

On the upside, Bank Nifty faces immediate intraday resistance at the 52,300 level, with key support at 52,050. A breakout above the 52,300 resistance could further bolster the ongoing uptrend. However, failure to surpass this level may lead to consolidation in the upcoming sessions.

Bank intraday levels: Support: 52,050, 51,875, 51,680.
Resistance: 52,300, 52,500, 52,700 (15-minute charts)

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