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Daily Technical Outlook
 

Nifty ended the previous session at 24,543, down 174 points, forming a bearish engulfing candle on the daily chart — a sign of profit booking at higher levels. The close below the 20-day SMA (24,713) further highlights weakening short-term momentum.

Bank Nifty settled at 55,600, losing 303 points, after facing stiff resistance near its all-time high of 56,099. The formation of a large bearish candle signals increased selling pressure and profit-taking at elevated levels.

Our trend score analysis of the Nifty and Bank Nifty suggests a bearish outlook on the benchmarks.

Kindly refer to the attached report for deeper insights, including pivot levels, key metrics, and gainers and losers.

NIFTY

Daily Pivots

BANK NIFTY

Daily Pivots

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