Technical outlook hints at continuation of Nifty's upward trend

(Technical Outlook Based on Market Closing on Monday, August 26)  

In the last trading session, the Nifty closed at 25010.60, up  187.45 points or 0.76 percent. The positive 
trend will continue if the nifty moves above the resistance 25080. 

In the last trading session, the Nifty opened on a positive bias at 24906.10 level and this trend continued 
and tested the intraday day high of 25043.80 in the morning trade. The Nifty then traded within a 
narrow range and ultimately closed at 25010.60. All the sectors other than PSU bank and media were 
closed on positive bias. Metal, realty, IT, and financial services were the biggest sector gainers.

The market breadth was negative with 1229  stocks rising, 1337  falling, and 112 remaining unchanged. The 
top gainers in the Nifty index were HINDALCO, HCLTECH, NTPC,  and BAJAJFINSV, while the major losers 
included APOLLOHOSP, HEROMOTOCO, ADANIPORTS, and MARUTI.  

Technically, momentum indicators signal a bullish trend and the Nifty remains above both short-term 
and long-term moving averages. Moreover, the index formed a white candle on the daily chart and 
closed above the previous day's close, suggesting the continuation of this upward trend. The index has 
resistance at the 25080-25100  area on the upper side. The bullish momentum will continue today if the 
index moves above this area. The nearest intraday support is at 24975 levels.

Intraday levels:  Support - 24975, 24900, 24850;  Resistance - 25050, 25100-25175 (15-Minute Charts); Positional Trading: Short-term support - 24475 -23900; Resistance - 25100- 25600. 

Bank Nifty

In the preceding trading session, Bank Nifty closed at 51148.10 registering a gain of 214.65 points. From 
a technical point of view, the momentum indicators suggest a positive trend and the index remains 
above its short-term and long-term moving averages. Additionally, the index formed a small white candle 
on the daily chart and closed just above the resistance of 51000. If the index remains above this level the 
bullish trend can be expected in the coming days.

The nearest intraday resistance is at the 51300  level. For intraday traders, the support levels are at 51100, 50850, and 50650, while resistance levels can be identified at 51300,51500, and 51700 as indicated by the 15-minute charts. 

Positional traders should monitor short-term support levels at 51000-49600, with resistance at 52500 -
53400.