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NIFTY WEEKLY OUTLOOK 18-07-2026

The Nifty index started the week on a weak note, opening nearly 167 points lower at 24,039.40. The index made its weekly low of 24,000.20 during the initial trading session, where the psychologically important 24,000 mark once again attracted strong buying interest. Thereafter, Nifty traded in a narrow range for most of the week, reflecting consolidation after the recent recovery. Buying momentum strengthened considerably in the final trading session, helping the index rally to the week's high of 24,367.30 before closing at 24,334.30, up 127.40 points (+0.53%), near the weekly high, indicating sustained buying interest at lower levels.

The weekly price action reflects a healthy consolidation above the crucial 24,000 psychological support zone, with every dip witnessing buying interest. The formation of a higher low followed by a strong bullish close near the week's high suggests that buyers continue to dominate on declines, while the index is gradually building a base for a potential upside breakout.

From a technical perspective, the weekly chart continues to indicate strong support around the 24,000 psychological mark, where repeated buying has emerged over the last few weeks. The index has once again respected the breakout zone and is gradually moving higher within the ongoing recovery structure. It has also managed to reclaim and sustain above the 20-week EMA, while continuing to trade comfortably above the 100-week and 200-week EMAs, reflecting improving medium-to-long-term strength.

On the upside, immediate resistance levels are placed at 24,700 and 24,800. On the downside, immediate support is placed at 24,000 and 23,800. As long as the index sustains above this support zone, the broader structure is likely to remain constructive. Traders are advised to maintain a buy-on-dips approach while following strict risk management and focusing on stock-specific opportunities.

Support Levels: - 24,000 - 23,800

Resistance Levels: - 24,700 - 24,800

Overall Bias: - Sideways to Bullish

BANKNIFTY WEEKLY OUTLOOK 18-07-2026

Bank Nifty started the week on a weak note, opening at 57,616.70, around 430 points lower than the previous week's close amid cautious market sentiment. Selling pressure persisted during the initial sessions, and the index briefly slipped below the 20-day EMA, making a weekly low of 57,286.90. However, the decline remained short-lived as strong buying interest emerged from lower levels, helping the index reclaim its lost ground.

The recovery gathered momentum during the second half of the week, supported by sustained buying in heavyweight private banking stocks, particularly ICICI Bank, Kotak Mahindra Bank and Federal Bank. Bank Nifty steadily moved higher throughout the last day of the week, eventually touching a weekly high of 58,596.85 on Friday before settling at 58,521.40, up 475.50 points (+0.82%) for the week and closing near its weekly high, reflecting strong buying conviction heading into the weekend.

Technically, Bank Nifty formed a strong bullish weekly candle, indicating renewed buying momentum after successfully absorbing the early-week weakness. The index has once again defended the crucial support zone around the 20-week and 50-week EMAs, while continuing to trade above all the key weekly exponential moving averages, reinforcing the broader positive market structure. Price action suggests that every dip towards the support zone is witnessing buying interest, while the index is gradually approaching the upper boundary of its ongoing consolidation range. A sustained move above the 58,700 immediate resistance zone could pave the way for further upside towards 59,500-60,000 zone in the coming weeks. The Weekly RSI has improved to 58.39, remaining above the neutral 50 mark and indicating strengthening bullish momentum with room for further upside.

Support: 57,900–57,500

Resistance: 59,500–60,000

Overall Bias: Sideways to Bullish

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