Nifty Technical Outlook: Possibility of positive trend continuing

(Based on Market Closing on Wednesday, July 31, 2024)

In the last trading session, the Nifty closed at 24951.15, up 93.85 points or 0.38 percent. A sharp uptrend

can be expected in the coming days if Nifty remains above the short-term support level of 24870.

In the last trading session, the Nifty opened on a positive note at 24886.70, and this momentum

continued throughout the session and tested the intraday high of 24984.60, before closing at 24951.15.

The biggest sector gainers were the metal, pharma, media, and FMCG, while the losers were PSU banks

and realty. The market breadth was negative with 1255 stocks rising, 1288 falling, and 108 remaining

unchanged.

The top gainers in the Nifty index were JSWSTEEL, ASIANPAINT, HDFCLIFE, and NTPC, while

the major losers included BRITANNIA, DRREDDY, GRASIM, and RELIANCE.

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. Moreover, the index formed a small white

candle on the daily chart and closed above the previous day's close. 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 a sharp uptrend can expect in the coming days. The nearest intraday

resistance is at 25000 levels.

Intraday Levels: Support - 24900, 24800, 24700 Resistance - 25000, 25100-25200 (15-Minute Charts)

Positional Trading: Short-term support - 24870-24200 Resistance - 25500- 26000.

Bank Nifty

In the preceding trading session, Bank Nifty closed at 51553.40 registering a gain of 54.10 points. From a

technical point of view, the momentum indicators suggest a downward trend. However, the index

remains above its long-term moving averages. Moreover, the index closed above the previous day's close

with a small white candle on the daily chart. On the lower side, the index has intraday support at the

51200 level. If the index remains above this level, bullish trends will likely continue. The nearest intraday

resistance is at 51600 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 51200, 50900, and 50600, while resistance levels can be

identified at 51600,51950, 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.

Trading Session Recap:

Opening: 24,886.70
Intraday High: 24,984.60
Closing: 24,951.15

Sector Performance:

Gainers: Metal, Pharma, Media, FMCG
Losers: PSU Banks, Realty

Market Breadth:

Stocks Rising: 1,255
Stocks Falling: 1,288
Stocks Unchanged: 108

Top Gainers in Nifty Index:

JSW Steel
Asian Paints
HDFC Life
NTPC

Top Losers in Nifty Index:

Britannia
Dr. Reddy's
Grasim
Reliance

Technical Indicators:

Momentum indicators signal a positive trend.
Nifty remains above both short-term and long-term moving averages.
Formation of a small white candle on the daily chart indicates bullish continuation.

Key Levels:

Short-term Support: 24,870
Intraday Resistance: 25,000

Intraday Levels:

Support: 24,900, 24,800, 24,700
Resistance: 25,000, 25,100-25,200 (15-Minute Charts)

Positional Trading:

Short-term Support: 24,870-24,200
Resistance: 25,500-26,000

Bank Nifty

Technical Indicators:

Momentum indicators suggest a downward trend.
The index remains above its long-term moving averages.
Formation of a small white candle on the daily chart suggests bullish continuation.

Key Levels:

Intraday Support: 51,200
Intraday Resistance: 51,600
For a strong bullish trend, the index needs to close above 51,900.

Intraday Levels:

Support: 51,200, 50,900, 50,600
Resistance: 51,600, 51,950, 52,300 (15-Minute Charts)

Positional Trading:

Short-term Support: 50,650-49,300
Resistance: 51,900-53,250