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Nifty

Indian equity benchmarks ended the week under pressure, dragged lower by persistent selling in frontline sectors and weak global market sentiment. The Nifty 50 closed at 24,631.30, up only 11.95 points (+0.05%), while the Sensex gained 57.75 points (+0.07%) to settle at 80,597.66. Despite reclaiming the 24,600 zone, overall market tone stayed cautious, weighed down by geopolitical tensions, crude volatility, and selective profit-booking across Metals, Oil & Gas, and Realty counters.

From a technical perspective, Nifty is currently hovering near its short-term support of 24,590 (20-day EMA). Below this, strong support lies at 24,215 (100-day EMA) and further down at 24,000 (200-day EMA), which aligns with the broader support zone highlighted earlier. On the upside, the index is facing strong resistance at the 24,740–24,812 band (50-day & 100-day EMA cluster). A decisive close above this zone could shift momentum in favor of the bulls, paving the way toward 25,000–25,200.

Looking at momentum indicators, the Relative Strength Index (RSI) near 49.5 signals neutral momentum, while the Stochastic RSI is in oversold territory, hinting at the possibility of a relief bounce. The chart also shows steady volumes without panic selling, suggesting that the recent correction is more of a consolidation phase than a breakdown. On the derivatives side, Call OI at 24,700–24,800 is expected to act as a ceiling, while Put OI at 24,300 may cushion downside risk.

In summary, the broader setup remains cautiously bearish to sideways, with the Nifty trapped between key averages. A breakout above 24,800 could trigger momentum buying towards 25,000+, while a break below 24,300 may invite fresh selling pressure, dragging the index towards 24,000–23,800. Traders should remain tactical with a buy-on-dips and sell-on-rise approach, keeping a close eye on the EMA cluster for directional cues.

Support Levels:- 24200-24000

Resistance Levels :- 24700-24800
Overall Bias :- Sideways To Bullish

Bank Nifty

The Bank Nifty index closed at 55,341.85, registering a 0.61% gain from the previous week’s close. The weekly chart indicates buying interest from lower levels, as the index managed to hold above the crucial 55,000 mark. This buying support suggests a potential pause in the ongoing downtrend, with the index likely to enter a sideways or consolidation phase in the near term.

This week, the Bank Nifty index formed a bullish-bodied candle with a slight upper wick, accompanied by consistent trading volumes. This price action reflects the possibility of a sideways or consolidation phase in the near term. As long as the index holds above the 54,800 marks, a "buy on dips" strategy remains advisable, with upside targets placed at 55,800 and 56,000.

On the weekly timeframe, Bank Nifty is trading above all its key moving averages—including the short-term 20-day, medium-term 50-day, and long-term 200-day Exponential Moving Averages (EMA)—which indicates an overall uptrend. The index has taken support from its short-term EMA, with buying interest emerging as it managed to hold above the 54,800 marks. On the downside, key support levels are placed at 55,000 followed by 54,800. The Relative Strength Index (RSI) stands at 55.11, showing early signs of a potential reversal, which may aid in sustaining the ongoing positive bias. Going forward, the index is likely to remain in a sideways to consolidation phase, with buying expected at lower levels. If this support base continues to hold, Bank Nifty could gradually attempt an immediate upside move towards the 55,800–56,000 zone.

The Bank Nifty index is likely to face significant resistance in the 55,500–56,000 range. If the index continues to move higher, ICICI Bank & HDFC Bank from the private banking sector is expected to support the uptrend. Similarly, in the public sector banking space, SBIN is anticipated to show strength and contribute to any potential upside.

For the ongoing expiry, put options show the highest concentration near the 55,000 and 54,500 strikes, marking these as key support levels. Conversely, significant open interest in call options at 55,500 and 56,000 indicates potential resistance, suggesting a likely trading range of 54,500–56,000 in the upcoming sessions. Traders are advised to remain cautious, consider a buy on dips approach, and maintain strict stop-loss levels to manage risks effectively amid ongoing market volatility and potential price fluctuations.

Support: 55000-54800

Resistance: 55500-55800

Bias- Sideways

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