Stock markets' positive trend tends to continue

(Nifty Technical Outlook Based on Market Close on Monday, September 2)

In the latest trading session, on Monday, the Nifty ended at 25,276.70, marking an increase of 42.80 points or 0.17%. The positive trend will persist if the Nifty remains above the intraday support level of  25,250. 

During the session, the Nifty reached an all-time high of 25,333.60 but could not sustain the 
momentum. It gradually declined to an intraday low of 25,235.50 before closing at 25,276.70.

Gainers and losers 

Sector-wise, FMCG, PSU banks, IT, and financial services were the main gainers, whereas metals, 
pharmaceuticals, media, and autos faced losses. The market breadth was negative with 1,085 stocks 
advancing, 1,514 declining, and 86 unchanged. Notable gainers within the Nifty index included Bajaj 
Finance, Bajaj Finserv, HCL Technologies, and Hero MotoCorp, while major losers were Hindalco, Dr. 
Reddy's Labs, Tata Motors, and NTPC. 

From a technical perspective, momentum indicators suggest a bullish trend, with the Nifty remaining 
above both short-term and long-term moving averages. Although a black candle formed on the daily 
chart, the index closed above the previous day's close, indicating sustained bullish momentum. On the 
downside, the index has intraday support at 25,250. If it holds above this level, the bullish trend is likely 
to continue in the near term. The nearest intraday resistance is positioned at 25,350.

Intraday levels: Support: 25,250, 25,160, 25,080; Resistance: 25,350, 25,425–25,500 (15-minute charts); 
Positional trading: short-term support: 25,100–24,475; resistance: 25,600–26,150. 

Bank Nifty technical outlook 

The Bank Nifty closed at 51,439.55, marking a gain of 88.55 points. Technical indicators suggest a positive trend, with the index holding above both short-term and long-term moving averages. Despite the formation of a black candle on the daily chart, the index closed higher than the previous day’s close, signalling the potential for continued bullish momentum. 

The Bank Nifty is currently exhibiting a bullish trend supported by positive technical indicators. As long as 
the index maintains its position above the key support level of 51,300, the upward momentum is 
expected to continue. Traders should monitor resistance levels closely; a decisive move above 51,450 
could signal further gains.  
Intraday trading levels: Support: 51,300, 51,150, 51,000; Resistance: 51,450, 51,600, 51,750 (based on 
15-minute charts) 
Positional trading levels: Short-Term support: 51,000–49,600 Resistance: 52,500–53,400.