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Nifty

The Nifty ended the week on a strong note, rising nearly 1% to close at 24,853. The index saw a noticeable intraday surge after a flat start, followed by a range-bound session. Technically, Nifty has found support at its 21-day EMA, indicating buying interest at lower levels. It is currently consolidating within a narrow range of 24,700–25,000, awaiting a breakout for further direction.

On the upside, 25,000 remains a crucial resistance level. A decisive breakout above this mark could trigger a fresh leg of the rally towards 25,250–25,350. On the downside, immediate support is placed at 24,700, followed by a stronger base near 24,500. This zone will be important to watch as any breakdown below it could attract short positions and shift the near-term bias to negative.

Momentum indicators are showing early signs of strength. The Relative Strength Index (RSI) stands at 59.33 and is trending upwards, suggesting moderate bullish momentum. Meanwhile, the Stochastic RSI has witnessed a bullish crossover from oversold territory, which adds to the positive setup for the index if key resistance levels are breached.

On the derivatives front, India VIX rose slightly by 0.12% to 17.28, hinting at mild volatility ahead. Heavy call writing at the 25,000 and 25,500 strikes signals strong resistance, while strong put writing at 24,500 highlights solid support. This defines a well-balanced trading range between 24,500–25,100. Until a breakout occurs on either side, traders should remain cautious and focus on a stock-specific, risk-managed approach.

Support Levels: 24400-24000       Resistance Levels: 25200-25600

Overall Bias: Sideways to Bullish

Bank Nifty

Bank Nifty is on the verge of a breakout from an inverted head and shoulders pattern, with the neckline resistance placed around the 55,500 level. A decisive close above this zone could unlock upside potential towards 57,000. Currently, the index is taking strong support at the 20 EMA and formed a bullish candlestick on Friday, signaling renewed buying interest. On the weekly chart, Bank Nifty has already broken out of a consolidation range and has retested the breakout zone, with price action now stabilizing above it—an encouraging sign for bulls.

From a technical standpoint, the RSI stands at 59.74 and is trending upwards, reflecting strengthening momentum. Meanwhile, the Stochastic RSI has given a positive crossover, hinting at a fresh upward swing. Any correction or dip towards 55,000 or 54,450 can be seen as a healthy retracement and a buying opportunity for higher targets. These support zones align with previous price structures and moving averages, making them ideal for accumulation.

On Friday, key banking stocks also showed strength. HDFC Bank and ICICI Bank saw gains of over 1%, while Axis Bank and Kotak Bank delivered solid rebounds from support levels. Bank of Baroda outperformed, gaining nearly 1.8% on strong PSU banking sentiment. This sector-wide strength reinforces the bullish bias in Bank Nifty and supports the case for a potential upside breakout in the coming sessions.

Support Levels: 54800 – 54400- 54000

Resistance Levels: 55500-56100-57000

Overall Bias: Sideways to Bullish

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