Technical outlook suggests continuation of markets' positive trend

(Technical outlook based on the market closing on Thursday, August 22) 

In the last trading session, the Nifty closed at 24811.50, up  41.30 points or 0.17 percent. The positive 
trend will continue if the nifty moves above the intraday resistance 24850. 

In the last trading session, the Nifty opened on a positive bias at 24863.40 level and tested the intraday 
day high of 24867.30 in the morning trade. The index then traded within a narrow range and ultimately 
closed at 24,811.50.

The biggest sector gainers were banks, metal, and FMCG, while the major losers were media, IT, pharma and auto. The market breadth was positive with 1581  stocks rising, 926 falling, and 101 remaining unchanged. The top gainers in the Nifty index were GRASIM, TATACONSUM, BHARTIARTL,  and TATASTEEL, while the major losers included TATAMOTORS, WIPRO, NTPC, and M&M.  

Bullish trend

Technically, momentum indicators signal a bullish trend and the Nifty remains above both short-term 
and long-term moving averages. The index formed a small black candle on the daily chart but closed 
above the previous day's close, suggesting the continuation of this upward trend. On the upper side, the 
index has intraday resistance at the 24,850 level. The bullish momentum will continue today if the index 
moves above this level. The nearest intraday support is at 24750 levels.

Intraday Levels: Support - 24750, 24660, 24580  Resistance - 24850, 24925-25000 (15-Minute Charts) 
Positional Trading: Short-term support - 24475 -23900 Resistance - 25100- 25600. 

Bank Nifty

In the preceding trading session, Bank Nifty closed at 50985.70 registering a gain of 300.15 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 white candle on 
the daily chart and closed near the day's high. This pattern indicates the possibility of continuing the  
uptrend.

On the higher side, the index has short-term resistance at the 51000 level. If the index trades 
and sustains above this level, a further bullish trend can be expected in the coming days. The nearest 
intraday support is at the 50875 level 

For intraday traders

The support levels are at 50875, 50650, and 50400, while resistance levels can be 
identified at 51075,51300, and 51500 as indicated by the 15-minute charts. 
Positional traders should monitor short-term support levels at 49600-48200, with resistance at 51000 -
52500.