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Nifty

The Nifty index closed the week at 25,910.05, registering a 1.64% gain over the previous week’s close. On the weekly chart, the index shows signs of a strong recovery from its support zones, reflecting renewed buying interest. It also managed to hold its gains, ending the week comfortably above the 25,900 mark. This overall setup indicates a sideways to bullish phase in the near term.

This week, a strong bullish candle formed, indicating renewed buying interest. The price action reflects buying from lower levels, with the index able to hold its gains and end the session near the higher levels. This overall structure suggests a sideways to bullish setup in the near term.

On the weekly timeframe, the Nifty is trading above all its key Exponential Moving Averages (EMAs) — including the short-term (20-week), medium-term (50-week), and long-term (200-week) EMAs. This alignment continues to indicate a strong underlying uptrend, suggesting that the index remains well-supported on dips. However, the Relative Strength Index (RSI) is currently at 61.38, showing a slight upward curve, which indicates improving momentum and supports the possibility of continued upside in the near term.

In terms of levels, the Nifty has immediate support at 25,800 and 25,700, which could provide buying opportunities on declines. On the upside, resistance is seen at 26,000 and 26,100, with the latter acting as a key hurdle. A sustained breakout above 25,100 could trigger a bullish move, potentially targeting the 26,250–26,400 zone in the coming weeks.

The India VIX declined by 4.94% during the week and closed at 11.9375, indicating reduced volatility and a more stable market environment. In the derivatives segment, the maximum Call Open Interest (OI) is placed at the 26,000 strike, followed by 26,100, suggesting resistance at higher levels. On the downside, the maximum Put OI is concentrated at the 25,900–25,800 strike range, marking key support zones. Overall, the setup indicates a sideways to slightly bullish tone, as long as the index continues to hold near its important support levels.

Support: 25800 - 25700

Resistance: 26000-26100

Bias: Sideways to Bullish

BANKNIFTY

The Bank Nifty index closed the week at 58,517.55, up 1.11% from the previous week’s close. On the weekly chart, a strong bullish candle has formed, indicating renewed buying strength. The index also ended the week above the 58,500 mark, reflecting sustained positivity. Overall, the setup suggests a sideways to bullish phase in the near term.

This week, the Bank Nifty index formed a strong bullish candle, reflecting robust buying from key support zones. Buying interest was visible in both PSU and private banks, adding strength to the overall structure. As long as the index holds above the 58,000 mark, a buy-on-dips approach is likely to remain effective. Overall, the setup suggests a sideways to bullish trend in the near term.

On the weekly timeframe, the Bank Nifty index continues to trade comfortably above all its key moving averages—including the short-term 20-day, medium-term 50-day, and long-term 200-day EMAs—indicating a broadly positive structure. The index witnessed buying from lower levels and managed to hold its gains, reflecting improving strength and sustained demand. Key downside support is placed at 58,000, followed by 57,500, while upside resistance is seen at 58,800 and 59,000. Overall, the view remains sideways to bullish until the index holds above its support zones.

If the index continues to move higher, Axis Bank& HDFC Bank from the private banking sector is expected to support the uptrend. Similarly, in the public sector banking space, SBIN & CANBK is anticipated to show strength and contribute to any potential upside.

For the ongoing expiry, the maximum Call Open Interest (OI) is concentrated at the 58,500 strike, followed by 59,000, indicating strong resistance at higher levels. On the other hand, the maximum Put Open Interest (OI) is seen at the 58,500 strike, followed by 58,000, marking these as key support zones. This setup suggests that the Bank Nifty may continue to trade within a defined range, and traders are advised to buy on dips while the index remains above key support levels.

Support: 58000-57500

Resistance: 58800-59000

Bias- Sideways to Bullish

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