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Nifty

The Nifty index started the week on a strong note, opening with a gap-up of nearly 362 points at 23,984.85. However, some profit booking emerged in the initial trading session, dragging the index to the week's low of 23,817.80. Despite the early weakness, the market witnessed steady buying interest at lower levels, which helped the index recover gradually through the week. The bullish momentum strengthened further on Thursday, pushing Nifty to its weekly high of 24,189.25. Thereafter, the index traded in a range-bound manner and eventually settled at 24,013.10, registering a gain of 390.20 points or 1.65% for the week. From a technical perspective, the RSI on the weekly timeframe stands near 47.64, indicating improving momentum while remaining below the bullish threshold of 50. Nifty has formed a Doji-like candlestick pattern on the weekly chart, reflecting indecision after the recent recovery. However, the index has successfully sustained above the previously confirmed falling wedge breakout, which is a constructive sign for the broader trend. Additionally, Nifty has managed to close above its 100-week EMA, indicating strengthening medium-term sentiment, although it continues to trade below the 20-week and 50-week EMAs, suggesting that some overhead resistance remains intact. The overall structure indicates gradual improvement with buying interest emerging on declines. On the upside, immediate resistance levels are placed at 24,200 and 24,400. A sustained move above these levels could trigger further upside momentum and strengthen the recovery trend. On the downside, support is seen at 23,800 and 23,600. A breakdown below 23,600 may invite renewed selling pressure and weaken the ongoing recovery structure. Considering the current technical setup, traders are advised to maintain a stock-specific approach while following strict risk management practices.

Support Levels: - 23,800 - 23,500

Resistance Levels: - 24,200 - 24,500

Overall Bias: - Sideways to Bullish

Bank Nifty

The Bank Nifty index started the week on a strong note, opening with a gap-up of nearly 865 points amid positive market sentiment and sustained buying interest across key banking counters. However, some profit booking emerged at higher levels during the initial sessions, leading the index to slip towards its weekly low of 57,076.25 on Tuesday. Despite the early weakness, the decline remained limited as buyers continued to accumulate at lower levels. Thereafter, strong buying interest resurfaced and helped the index regain momentum. Bank Nifty gradually moved higher during the week and touched a weekly high of 58,021.25 on Thursday. Following the sharp upmove, the index entered a phase of consolidation and traded in a narrow range near higher levels before eventually settling at 57,685.75. The index ended the week with a gain of 870.95 points or 1.53%, reflecting continued strength in the banking space. Technically, Bank Nifty formed a Doji candlestick pattern on the weekly chart, indicating indecision after the recent sharp recovery. However, the index has successfully sustained above its previous weekly swing high, suggesting that buyers continue to maintain control and the breakout remains valid. The index is trading above its 20, 50, 100 and 200-week EMA levels, highlighting a strong underlying trend and reinforcing the positive market structure. Weekly RSI has improved to 55.79 and continues to move higher above the neutral mark, indicating strengthening momentum and improving participation. Immediate support is placed in the 57,000-56,800 zone, while resistance is seen at 58,500 and 58,700. Sustaining above the support zone may keep the broader bullish structure intact in the coming weeks.

Support: 57,000-56,800

Resistance: 58,500-58,700

Overall Bias: Sideways to Bullish

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