Nifty is above both short-term and long-term moving averages

(Nifty Technical Outlook Based on Market Closing on Friday, August 23)

In the last trading session, the Nifty closed at 24823.15, up  11.65 points or 0.05 percent. The positive 
trend will continue if the nifty moves above the intraday resistance 24850. 

In the last trading session, the Nifty opened on a positive bias at 24845.40 level and tested the intraday 
day high of 24858.40 in the morning trade. The index then traded within a narrow range and ultimately 
closed at 24,823.15.

Negative bias

All the sectors other than auto were closed on negative bias. Realty, media, IT, and PSU banks were the biggest sector losers. The market breadth was negative with 1229  stocks rising, 1337  falling, and 112 remaining unchanged.

The top gainers in the Nifty index were BAJAJ-AUTO, COAL INDIA, TATAMOTORS,  and SUN PHARMA, while the major losers included ONGC, WIPRO, DIVISLAB, and LTIM.  

Technically, momentum indicators signal a bullish trend and the Nifty remains above both short-term 
and long-term moving averages. The index formed a small black candle on the daily chart but closed 
above the previous day's close, suggesting the continuation of this upward trend. On the upper side, the 
index has intraday resistance at the 24,850 level. The bullish momentum will continue today if the index 
moves above this level. The nearest intraday support is at 24775 levels. I

intraday levels: Support - 24775, 24700, 24620  Resistance - 24850, 24925-25000 (15-Minute Charts) 
Positional Trading: Short-term support - 24475 -23900 Resistance - 25100- 25600. 

 Bank Nifty

 In the preceding trading session, Bank Nifty closed at 50933.45 registering a loss of -52.25 points. From a 
technical point of view, the momentum indicators suggest a positive trend and the index remains above 
its short-term and long-term moving averages. However, the index formed a small black candle on the  
daily chart and closed just below the previous day's close. This pattern indicates the possibility of a 
consolidation. On the higher side, the index has short-term resistance at the 51000 level. If the index 
closes above this level the bullish trend can be expected in the coming days. The nearest intraday 
support is at the 50875 level.

For intraday traders

For intraday traders, the support levels are at 50875, 50650, and 50400, while resistance levels can be 
identified at 51075,51300, and 51500 as indicated by the 15-minute charts. Positional traders should monitor short-term support levels at 49600-48200, with resistance at 51000-52500.