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Below the Nifty and Bank Nifty Weekly Outlook by Amruta Shinde, Derivative Analyst, Choice Broking Ltd

NIFTY WEEKLY OUTLOOK

The Nifty index displayed strong bullish momentum this week, rising 134 points to register a new all-time high of 26,310. On the weekly chart, the index has successfully retested its cup-and-handle pattern and extended its upward move. Additionally, Nifty has formed a bullish hammer near its lifetime high, suggesting sustained buying interest and the potential for further upside.

On the daily timeframe, Nifty posted a decisive close above the crucial 26,200 resistance level, ending the session at 26,202 and demonstrating strong follow-through strength. The index continues to trade above its key moving averages—the 20-day, 50-day, and 200-day EMAs—reinforcing the broader bullish undertone. As long as it holds above these levels, market sentiment is expected to remain constructive and upward-biased.

On the upside, immediate resistance is seen at 26,300, followed by 26,400 and 26,500. On the downside, support is placed at 26,100 and then at 26,000, with a deeper breakdown below 25,850 likely to invite additional downside pressure. Given the current structure, a “buy-on-dips” strategy remains appropriate, though traders are advised to stay disciplined with strict stop-losses due to ongoing market volatility.

Support Levels:-26100-25850

Resistance Levels :-26300-26500

Overall Bias :- Sideways To Bullish

BANKNIFTY WEEKLY OUTLOOK 

Bank Nifty ended the session with sustained bullish momentum, marking an all-time high of 59,897 and rising 885 points before closing the week at 59,752, indicating strong upward strength and persistent buying interest. The index has closed in the green for four consecutive weeks, suggesting a firmly intact bullish trend and increasing market confidence.

If selling pressure re-emerges and the index decisively breaks below 59,500, it may open the door for a deeper correction toward 59,000–58,550 and potentially even lower. On the upside, immediate resistance stands at 60,000, followed by 60,200 and 60,500. The weekly RSI, currently at 70.70 and moving upward, indicates robust bullish momentum and room for continued strength unless overbought conditions trigger a pullback.

The index remains well above its 20-day, 50-day, and 200-day EMAs, reinforcing a structurally positive setup that favors further continuation of the broader uptrend. A decisive close above 60,000 would strengthen bullish momentum and pave the way for additional upside, whereas failure to sustain above this level could result in short-term weakness. Traders should stay constructive yet disciplined, closely monitoring 59,500 on the downside and 60,000 on the upside to gauge the next directional move.

Support: 59500-58550

Resistance: 60000-60500

Bias :- Sideways to bullish

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