15/01/25: The yesterday's (14-1-25) market snapped its four-day losing streak after a gap-up opening, rising four-tenths of a percent on January 14, with breadth turning in favour of the bulls. Overall, sentiment remains bearish. The Nifty 50 needs to close the bearish gap of January 13 by climbing and sustaining above the 23,350 zone for further upward movement towards the 23,500 level (10-day EMA), followed by 23,700 (200-day EMA). However, if it sustains below 23,350, the index may continue consolidation, with support at 23,000, followed by the 22,800 zone,

 Levels For The Nifty50 (23,176)

Resistance based on pivot points: 23,242, 23,273, and 23,322

Support based on pivot points: 23,142, 23,111, and 23,061

The Nifty 50 formed a Doji-like candlestick pattern on the daily charts, indicating indecision among bulls and bears after a recent sharp downtrend. The index traded near the lower end of Bollinger Bands, with above-average volumes, and remained below all key moving averages, indicating weakness. The momentum indicators also maintained a negative bias.

 Levels For The Nifty Bank (48,729)

Resistance based on pivot points: 48,952, 49,134, and 49,429

Support based on pivot points: 48,362, 48,180, and 47,885

Resistance based on Fibonacci retracement: 49,441, 50,412

Support based on Fibonacci retracement: 47,880, 46,088

 The NiftyBank formed a bullish candlestick pattern with a minor upper shadow on the daily charts, negating the seven-day lower highs formation, with above-average volumes. It also filled the down gap of January 13, which is a positive sign. However, overall sentiment remains negative as the index traded well below all key moving averages, with a negative bias in momentum indicators.