Nifty & Bank Nifty Weekly Outlook 29-08-2026 by Choice Broking Ltd
NIFTY WEEKLY OUTLOOK 29 th August 2026
The Nifty index started the week on a largely flat note, opening at 24,285.05. The index moved higher during the week and registered a high of 24,378.60, but faced rejection around this zone, which also coincided with the 200-Day EMA resistance area on the daily timeframe. Thereafter, profit booking emerged in the second half of the week, dragging the index to a weekly low of 24,076.85 before it eventually settled at 24,175.65, down 76.35 points (-0.31%) for the week.
The weekly price action reflects continued consolidation, with Nifty facing supply near the 24,350–24,400 zone while buying interest emerged near the 24,000–24,100 area. The latest weekly candle closed in negative territory but remains within the broader sideways structure, indicating a lack of clear directional momentum and suggesting that a decisive breakout from the range will be required for the next major move.
Sector-wise, the performance remained mixed during the week. Nifty IT emerged as the key outperformer, particularly in the final session, supported by strength in global technology stocks and a rally in IT heavyweights. Nifty Pharma also witnessed selective buying interest and remained relatively resilient, while Nifty Auto and Nifty FMCG faced pressure, reflecting profit booking and sector rotation. Overall, sectoral participation remained selective rather than broad-based.
From a technical perspective, the weekly chart continues to indicate a sideways consolidation, with Nifty taking support from the rising trendline connecting the recent lower levels. The weekly RSI is placed near 49.17, reflecting neutral momentum and remaining close to the 50 mark. The index needs a sustained move above the immediate resistance zone to regain stronger upside momentum, while holding above the 24,000–24,100 area remains important for maintaining the current structure.
On the upside, immediate resistance levels are placed at 24,350 and 24,600. A sustained move above this zone could improve sentiment and trigger fresh upside momentum. On the downside, support is seen at 24,100 and 23,900. A decisive breakdown below the support zone may invite further weakness. Considering the current technical setup, traders are advised to maintain a stock-specific approach until Nifty gives a decisive breakout from the ongoing consolidation range.
Support Levels: - 23,900 - 24,100
Resistance Levels: - 24,350 - 24,600
Overall Bias: - Sideways
BANKNIFTY WEEKLY OUTLOOK – 29 th August 2026
Bank Nifty started the week on a largely flat note and initially witnessed profit booking from higher levels, slipping to a weekly low of 57,231.25 during the first half of the week. Thereafter, buying interest emerged from lower levels, helping the index recover and climb to a weekly high of 58,012.40. However, the recovery failed to sustain at higher levels, and the index again witnessed sideways movement with some profit booking before closing at 57,496.30, down 265.65 points (-0.46%) for the week.
Technically, Bank Nifty formed a small-bodied bearish candlestick on the weekly chart, reflecting continued indecision and consolidation near the higher end of the recent range. The index continues to trade comfortably above both the 50-week and 200-week EMAs, indicating that the broader medium- to long-term structure remains positive despite the ongoing sideways movement. The index has also maintained its rising trendline support, while the Weekly RSI stands at 52.91, holding above the neutral 50 mark, suggesting that momentum remains mildly positive but lacks strong directional strength.
From a price-action perspective, Bank Nifty witnessed buying interest near the 57,200–57,300 zone, but faced supply around the 58,000 level, keeping the index within a broader consolidation range. Some private banking stocks witnessed an upside move during the week, while PSU banking stocks remained largely sideways, resulting in limited directional momentum for the index. A decisive breakout above 58,000–58,700 could strengthen the bullish momentum, while a sustained break below 57,000–56,450 may lead to further profit booking.
Support: 57,000–56,450
Resistance: 58,000–58,700
Overall Bias: Sideways
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