Nifty shows signs of sustaining its upward trajectory

(Technical Outlook Based on Market Closing on Tuesday, August 27)

In Tuesday's trading session, the Nifty index closed at 25,017.75, marking a modest gain of 7.15 points or 
0.03%. The current upward trend is expected to continue as long as the Nifty stays above the key level of 
24,980. 

The Nifty opened on a positive note at 25,024.80 and reached an intraday high of 25,073.10 in the 
morning. However, it gradually dipped and settled at 25,017.75 by the end of the day. Most sectors 
performed well, with notable gains in metal, real estate, IT, and financial services, while FMCG, metal, 
and auto sectors showed less impressive performance.

Market breadth was positive, with 1,447 stocks advancing, 1,145 declining, and 90 remaining unchanged. The top gainers in the Nifty index were SBILIFE, SHRIRAMFIN, MARUTI, and BAJAJFINSV, while the major losers included TITAN, JSWSTEEL, HINDUNILVR, and TATAMOTORS. 

Bullish trend may continue

Technically, momentum indicators suggest a continued bullish trend. The Nifty is trading above its short--
term and long-term moving averages, reinforcing the positive outlook. A small white candle formed on 
the daily chart, closing higher than the previous day, which supports the ongoing upward momentum. 
On the higher side, the 25,080 - 25,100 area acts as resistance for the index. The nearest intraday 
support is at 24,980. 

In summary, the Nifty index shows signs of sustaining its upward trajectory, supported by positive 
technical indicators and strong sector performances. Traders should monitor the mentioned support and 
resistance levels closely. A break above the 25,100 resistance could signal stronger bullish momentum 
while holding above 24,480 is crucial for maintaining the current positive trend. 

For intraday levels based on 15-minute charts, the support levels are at 24,980, 24,920, and 24,850, 
while the resistance levels are at 25,080 and between 25,150 and 25,250. For positional trading, the 
short-term support levels are between 24,475 and 23,900, with resistance between 25,100 and 25,600. 

Bank Nifty

In Tuesday's trading session, Bank Nifty closed at 51,278.75, gaining 130.65 points. The technical indicators 
suggest that the market is in a positive trend, with the index staying above its short-term and long-term 
moving averages. A small white candle formed on the daily chart, and closed higher than the previous 
day. There is short-term support at the 51,000 level, and if the index stays above this, the bullish trend is 
likely to continue. The closest intraday resistance is at 51,400. 

For intraday traders, support levels are at 51,200, 51,000, and 50,800, while resistance levels are at 
51,400, 51,600, and 51,800, according to 15-minute charts.  

Positional traders should watch the short-term support at 51,000 to 49,600, with resistance between 
52,500 and 53,400.