Supported by positive momentum indicators, Nifty shows a bullish trend

(Nifty Technical Outlook Based on Market Closing on Wednesday, August 28) 

In Wednesday's trading session, the Nifty index closed at 25,052.35, gaining 34.60 points or 0.14%. If the Nifty closes above the resistance level of 25,080, the positive trend might continue. 

During the last session, the Nifty opened with a positive bias at 25,030.80, dipped to a low of 24,964.70 in 
the morning, and then gradually climbed to a record high of 25,129.60. However, profit booking 
occurred towards the end, bringing the Nifty down to 25,052.35 at the close. All sectors except IT and 
pharma ended in the red, with media, banks, FMCG, and financial services being the biggest losers.

The market breadth was negative, with 1,035 stocks rising, 1,510 falling, and 140 remaining unchanged. The 
top gainers included LTIM, WIPRO, DIVISLAB, and INDUSINDBK, while ASIANPAINT, ADANIENT, 
NESTLEIND, and MARUTI were the major losers. 

Technical analysis 

The Nifty index shows a bullish trend, supported by positive momentum indicators and its position above 
key moving averages. The index faces resistance at 25,080, and a close above this level could 
extend the upward movement. However, if it fails to break this resistance, there may be a pullback 
towards the nearest intraday support levels at 25,020 or lower. For intraday traders, maintaining caution 
around the key support and resistance levels is advisable.

Intraday levels: Support: 25,020, 24,960, 24,900. Resistance: 25,080, 25,140-25,200 (15-minute charts). 
Positional trading levels: Short-term support, 24,475- 23,900. Resistance: 25,100-25,600.

Bank Nifty overview 

In the last trading session, Bank Nifty closed at 51,143.85, down by 134.90 points. The momentum 
indicators point to a positive trend, and the index remains above both its short-term and long-term 
moving averages, but it did form a small black candle on the daily chart, closing below the previous day's 
level.

On the downside, the index has short-term support at the 51,000 level. If it falls below this mark, a 
negative trend may emerge in the coming days; otherwise, the index might consolidate above this level 
for a few days. The nearest intraday resistance is at 51,250.  

Intraday Trading Levels:  Support: 51,000, 50,800, 50,650 Resistance: 51,250, 51,400, 51,600 (15-minute 
charts). Positional trading levels: Support: 51,000-49,600 Resistance: 52,500-53,400.