Nifty stays above short-term  and long-term moving averages

NIFTY TECHNICAL OUTLOOK 

(Based on Market Closing on Tuesday, August 20

In the last trading session, the Nifty closed at 24698.85, up  126.20 points or 0.51 percent. The positive 
trend will continue if the nifty moves above the intraday resistance of 24750. 

In the last trading session, the Nifty opened on a positive bias at 24636.30 and tested the intraday high 
of 24734.30 before closing at 24572.65. The biggest sector gainers were the bank, financial services, IT, 
and pharma, while the media and FMCG sectors closed on a negative bias.

Market breadth positive

The market breadth was positive with 1581 stocks rising, 1010 falling, and 86 remaining unchanged. The top gainers in the Nifty index were SBILIFE, HDFCLIFE, BAJAJFINSV, and SHRIRAMFIN, while the major losers included ONGC, BHARTIARTL, ADANIENT and CIPLA.  

Technically, the momentum indicators signal a neutral trend but the Nifty remains above the short-term 
and long-term moving averages. The index formed a white candle on the daily chart and closed above 
the previous day's close. This pattern indicates the possibility of continuing the uptrend.

On the upper side, the index has intraday resistance at the 24750 level. If the index moves above this level, the bullish trend will continue in the coming days. The nearest intraday support is at 24660 levels. 
Intraday Levels: Support - 24660, 24600, 24525  Resistance - 24750, 24825-24900 (15-Minute Charts) 
Positional Trading: Short-term support - 24475 -23900 Resistance - 25100- 25600. 
 

Bank Nifty 

In the preceding trading session, Bank Nifty closed at 50803.15 registering a gain of 434.80 points. From 
a technical point of view, the momentum indicators suggest a downward trend but the index remains 
above its short-term and long-term moving averages. Moreover, the index formed a white candle on the 
daily chart and closed above the previous day's close. This pattern indicates the possibility of continuing  
the uptrend. On the higher side, the index has short-term resistance at the 51000 level. The short-term 
trend can turn bullish if the index closes above this level.

The nearest intraday support is at the 50700 level. For intraday traders, the support levels are at 50700, 50500, and 50300, while resistance levels can be identified at 50900,51100, and 51300 as indicated by the 15-minute charts. Positional traders should monitor short-term support levels at 49600-48200, with resistance at 51000-52500.