Outlook indicates bearish momentum may persist

Nifty technical outlook based on market closing October 1:

In the last trading session, the Nifty closed at 25,796.90, down by 13.95 points, or 0.05%. The bearish momentum may persist if the index falls below the intraday support level of 25,750.

The Nifty opened on a negative note at 25,788.40 and, before moving further down, tested an intraday high of 25,907.60 in the morning trade. It then declined, trading within a narrow range, before closing at 25,796.90.

The top-performing sectors included media, IT, metal, and auto, while realty, private banks, and FMCG led the declines. Market breadth was positive, with 1,514 stocks advancing, 1,122 declining, and 95 remaining unchanged. The top gainers in the Nifty were Tech Mahindra, Mahindra & Mahindra, Britannia, and Adani Enterprises, while IndusInd Bank, ONGC, Asian Paints, and Bajaj Auto were the top losers.

From a technical perspective, momentum indicators signal a positive trend, as the index remains above its medium- and long-term moving averages. However, the Nifty formed a Doji candle on the daily chart, closing just below the previous session's close, indicating a potential negative bias. On the downside, the index has intraday support at 25,750. A break below this level could trigger further weakness. The nearest intraday resistance stands at 25,850, which must be surpassed for any pullback rally to take shape.

Intraday levels

• Support: 25,750, 25,675, 25,600
• Resistance: 25,850, 25,900–25,975 (15-Minute Charts)

Positional trading levels

• Support: 25,350–24,750
• Resistance: 25,850–26,400

Bank Nifty technical outlook

In the previous trading session, the Bank Nifty closed at 52,922.60, losing 55.50 points. Technically, momentum indicators suggest a positive trend, but the index remains below its short-term moving averages. A small white candle formed on the daily chart, but the index still closed lower than the previous session, suggesting a continuation of the downward bias.

On the downside, the index has intraday support at 52,800, with resistance at 53,000. A break below 52,800 could lead to further downside pressure, while a pullback rally could materialise if the index sustains above 53,000.

Bank intraday levels

• Support: 52,800, 52,600, 52,400
• Resistance: 53,000, 53,250, 53,500 (15-Minute Charts)

Bank positional trading levels

• Support: 52,100–51,000
• Resistance: 53,400–54,500