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Nifty

Nifty ended the week on a steady note, with benchmark indices posting modest gains despite bouts of volatility. On a weekly basis, the index gained close to 1%, while the broader market once again outperformed, with the Midcap and Smallcap indices advancing 2–3%. This highlights continued strong participation beyond frontline stocks.

On the technical front, Nifty displayed resilience after a sharp mid-week sell-off, rebounding strongly from the 100-day EMA near 24,633. The index formed a hammer candlestick pattern on the daily chart, indicating buying interest at lower levels. Key support levels are placed at 24,600–24,280, where both the 100-day and 200-day EMAs converge. Momentum indicators also suggest improving strength, with the RSI turning higher from 49 and the MACD showing a positive crossover.

Looking ahead, a decisive close above the 25,000 mark will be crucial to trigger the next leg of upside, potentially paving the way towards the 25,500–25,675 supply zone. Until then, Nifty is likely to trade in a sideways-to-positive range, with traders expected to adopt a buy-on-dips approach near key supports. Overall, the market outlook remains cautiously optimistic, with broader markets likely to stay in focus, though some consolidation after the recent rally cannot be ruled out.

Support: 24600-24280

Resistance: 25000-25500

Bias- Sideways to Bullish

Bank Nifty

Bank Nifty ended on a flat note on Friday, closing near 54,114.55 after recovering nearly 390 points from the day’s low, highlighting sustainability above the 54,000 mark. On a weekly basis, the index moved within a sideways range of 54,550–53,550, taking support at the lower band, which coincides with the 200-day EMA. This again reflects resilience around crucial levels, with the index gaining nearly 458 points for the week and closing in green.

If selling pressure resumes and the index breaks below 53,550, it could trigger a deeper corrective move toward 53,000 and 52,500. On the upside, immediate resistance is placed around 54,550. A sustained breakout above this level could attract fresh buying interest, with potential targets at 55,000 and 55,300.

Technical indicators also suggest a mixed-to-cautiously bullish outlook. The RSI is hovering around 37.92 and trending sideways, reflecting indecisiveness. Moreover, the index continues to trade below both the 20-day and 50-day EMAs on the daily chart, signaling prevailing bearish undertones.

Given the current price structure and uncertain momentum, traders are advised to stay cautious and maintain strict risk management. A decisive close above 54,550 or a breakdown below 53,550 will be critical in defining the next major directional move in Bank Nifty.

Support: 53550 -52500

Resistance: 54550 -55000

Bias- Sideways to Bullish
 

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