Nifty technical outlook based on market closing on February 7:
The Nifty closed the previous session at 23,559.95, declining by 43.30 points or 0.18 percent. The downtrend is expected to persist if the index closes below the 23,500 level.
In Friday’s session, the Nifty opened on a positive note at 23,649.50 and reached an intraday high of 23,694.50. However, it failed to sustain the momentum and gradually declined, hitting an intraday low of 23,443.20 before closing at 23,559.95.
Top sectoral gainers included metals, auto, pharma and realty, while the losers were PSU banks, FMCG, media, and financial services. Market breadth was negative, with 881 stocks advancing, 1,856 declining and 127 remaining unchanged. The top gainers under the Nifty were Tata Steel, Bharti Airtel, JSW Steel, and Trent, while the top losers were ONGC, ITC, SBI and Britannia.
The index remains above its short-term moving averages, with momentum indicators signalling a bullish trend. However, the formation of a third consecutive black candle on the daily chart suggests caution. Despite breaking the short-term support level of 23,500, the Nifty managed to close above it, indicating buying interest near the support zone. If the index closes below 23,500, the downtrend is likely to continue. Alternatively, a pullback rally may occur if the support level remains intact. The nearest intraday resistance is seen at 23,575.
Support: 23,450, 23,375, 23,300
Resistance: 23,575, 23,685–23,800
Positional trading levels
Short-term support: 23,500–23,000
Resistance: 24,200–24,775
In the previous session, Bank Nifty closed at 50,158.85, declining by 223.25 points. While technical indicators suggest a positive trend and the index remains above its short-term moving averages, the formation of a black candle on the daily chart and a close below the previous session’s level indicate a slightly negative bias. On the upside, the index faces intraday resistance at 50,200, which it must breach to regain positive momentum. Conversely, if the index falls below the 49,900 support level, the downtrend is expected to continue.
Bank intraday levels
Support: 49,900, 49,650, 49,400
Resistance: 50,200, 50,500, 50,800
Positional levels
Short-term support: 49,600–48,000
Resistance: 50,700–52,000
