Outlook points to continuation of markets' positive trend today

Nifty technical outlook based on market closing on October 8: 

In the last trading session, the Nifty closed at 25,013.15, gaining 217.40 points, or 0.88%. A continuation of the positive trend is expected, provided the index remains above the key intraday support level of 25,000.

The Nifty opened with an upward bias at 24,832.20, climbed to an intraday high of 25,044.00, and settled at 25,013.15. Most sectors, barring metals, closed in positive territory. The biggest sector laggards included media, auto, pharma, and banks. Market breadth was positive, with 2,082 stocks advancing, 584 declining, and 75 unchanged.

Top gainers in the Nifty were TRENT, BEL, ADANI ENTERPRISES, and ADANI PORTS, while the biggest losers were SBILIFE, TATA STEEL, TITAN, and BAJAJ FINSERV.

From a technical perspective, momentum indicators remain negative as the index continues to trade below its short-term moving averages. However, the formation of a Bullish Harami pattern on the daily chart suggests a potential reversal of the bearish trend. Confirmation will require the index to trade and sustain above the high of the Harami pattern in upcoming sessions.

On the downside, the 25,000 level provides intraday support. If the index remains above this level, the positive momentum is likely to continue today. Immediate intraday resistance is seen at 25,125.

Intraday levels:

Support: 25,000, 24,900, 24,800
Resistance: 25,125, 25,225, 25,340 (15-minute charts)
Positional trading levels:

Short-term support: 24,750, 24,450
Resistance: 25,500, 26,275

Bank Nifty technical outlook

In the last trading session, Bank Nifty closed at 51,021.00, up by 542.10 points. Technically, momentum indicators still indicate a negative bias as the index remains below its short-term moving averages. However, the formation of a white candle on the daily chart, which closed within the range of the previous day’s black candle, suggests that the prevailing bearish trend is losing strength, hinting at a possible upside move.

On the downside, Bank Nifty finds intraday support at the 51,000 level, while resistance is located at 51,215. For a confirmed bullish continuation, the index must break above 51,215. Otherwise, it may consolidate below this level for a few sessions.

Bank intraday levels:

Support: 51,000, 50,650, 50,350
Resistance: 51,215, 51,500, 51,800 (15-minute charts)
Positional Trading Levels:

Short-term support: 50,500–49,600
Resistance: 51,750–52,800