Nifty Technical Outlook: Positive trend likely to continue

 (Based on Market Closing on Thursday, August 01, 2024)

 In the last trading session, the Nifty closed at a record high of 25010.90, up 59.75 points or 0.24 percent. 
The positive trend will continue in the coming days if the nifty remains above the short-term support 
level of 24870. 
In the last trading session, the Nifty opened on a positive note at 25030.90, and this momentum 
continued and tested the record high of 25078.30 in the morning trade. The index faced selling pressure 
at a higher level and gradually fell, hitting the intraday low of 24956.40 before closing at 25010.90.

The biggest sector gainers were FMCG,  financial services, and pharma, while the losers were media, realty PSU banks, and auto. The market breadth was negative with 868  stocks rising, 1689 falling, and 97 
remaining unchanged.

Top gainers: The top gainers in the Nifty index were POWERGRID, COAL INDIA, ONGC, and DRREDDY, while the major losers included M&M, HEROMOTOCO, TATA STEEL, and SBIN. From a technical standpoint, the momentum indicators signal a positive trend. And, the Nifty remains above both the short-term and long-term moving averages. The index formed a small white candle on the daily chart and closed at a record high. All these indicate the possibility of continuing the bullish trend. On the lower side, the index has short-term support at the 24870 level. If the index remains above this level the positive trend will continue in the coming days. The nearest intraday resistance is at 25080.  
Intraday Levels: Support - 24900, 24800, 24700 Resistance - 25080, 25150-25225 (15-Minute Charts) 
Positional Trading: Short-term support - 24870-24200 Resistance - 25500- 26000. 
 
Bank Nifty: In the preceding trading session, Bank Nifty closed at 51564.00 registering a gain of 10.60  points. From a technical point of view, the momentum indicators suggest a downward trend. However, the index remains above its long-term moving averages. The index formed a small black candle on the daily chart but closed above the previous day's close. On the lower side, the index has intraday support at the 
51435 level. If the index remains above this level, bullish trends will likely continue.

The nearest intraday resistance is at 51800  levels. For a strong bullish trend, the index needs to close above 51900. Otherwise, the recent consolidation will continue for a few more days. 
For intraday traders, the support levels are at 51435, 51200, and 50900, while resistance levels can be 
identified at 51800,52000, and 52300 as indicated by the 15-minute charts. Positional traders should monitor short-term support levels at 50650-49300, with resistance at 51900 - 53250.