Technical outlook points to continuation of markets' upward trend

(Technical outlook based on market closing on Wednesday, August 21) 

In the last trading session, the Nifty closed at 24770.20, up 71.35 points or 0.29 percent. The positive 
trend will continue if the Nifty remains above the intraday support  24750. 

In the last trading session, the Nifty opened on a negative bias at 24680.60 and then gradually rose and 
tested the intraday high of 24787.90 before closing at 24770.20. The biggest sector gainers were FMCG, 
media, pharma, and metal, while the major losers were realty, banks, financial services and IT.

The market breadth was positive with 1698  stocks rising, 893 falling, and 87 remaining unchanged. The top 
gainers in the Nifty index were DIVISLAB, TITAN, SBILIFE, and CIPLA, while the major losers included 
TECHM, ULTRACEMCO, TATA STEEL, and POWERGRID.  

Technically, momentum indicators signal a bullish trend and the Nifty remains above both short-term 
and long-term moving averages. Additionally, 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.

On the downside, the index has intraday support at the 24,750 level. If the index sustains this support, 
the bullish momentum is likely to continue in the coming days.

Intraday levels: Support - 24750, 24660, 24600  Resistance - 24825, 24900-24975 (15-Minute Charts) 
Positional Trading: Short-term support - 24475 -23900 Resistance - 25100- 25600. 

Bank Nifty

In the preceding trading session, Bank Nifty closed at 50685.55 registering a loss of -117.60 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. The index formed a Doji candle on the daily chart 
and closed inside the previous day's candle. This pattern indicates the possibility of a consolidation.

On the higher side, the index has intraday resistance at the 50700 level. Today's positive trend can be expected if the index trades and sustains above this level. The nearest intraday support is at the 50500 level. 
The index needs to close above the 51,000 level for the bullish trend to strengthen. 

For intraday traders 

For intraday traders, the support levels are at 50500, 50300, and 50100, while resistance levels can be 
identified at 50700,51000, and 51200 as indicated by the 15-minute charts. 
Positional traders should monitor short-term support levels at 49600-48200, with resistance at 51000 -
52500.