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NIFTY Weekly Outlook
 

The Indian equity market extended its winning streak for the fourth consecutive session on April 17, with the Nifty index crossing the 23,800 mark. Strong buying was witnessed across sectors, particularly in financials, which fueled the rally. Additionally, positive global cues, including constructive developments in trade talks between the US and Japan, provided further support to market sentiment.

On the technical front, the Nifty has shown a strong bullish reversal from the demand zone near 21,743.65 on the daily chart, registering a sharp 9.62% upmove. The index successfully closed above the 22,850 level, confirming bullish momentum. If the price sustains above this level, we can expect a continuation of the uptrend, with potential upside targets placed at 24,500 and 25,000. On the downside, immediate support lies at 23,600 and 23,400, and any dip towards these levels is likely to be seen as a buying opportunity.

Momentum indicators also reinforce the bullish outlook. The Relative Strength Index (RSI) is at 62.57 and trending upwards, indicating increasing strength in the rally. Furthermore, the Stochastic RSI has formed a positive crossover from the oversold region, suggesting a strong potential for continued upside in the near term. Overall, the technical setup favors a bullish bias as long as key support levels hold.

BANKNIFTY Weekly Outlook

 

The Bank Nifty index surged by 2.2% on April 17 to close at 54,290.20, just 177 points shy of its 52-week high of 54,467.35. The rally was driven by strong gains in heavyweight constituents like HDFC Bank and ICICI Bank, ahead of their Q4 earnings announcement scheduled for April 19. The overall banking space showed impressive strength, reflecting rising investor confidence in the sector’s fundamentals.

Technically, Bank Nifty has formed a strong bullish candle on the daily chart, making a high of 54,407.20—just 60 points away from its all-time high. Over the last seven trading sessions, the index has gained a remarkable 10.68%, rallying over 5,250 points from its recent swing low. The consistent one-way move, along with a close near 54,290 on strong volumes, signals aggressive buying interest and sustained bullish momentum. Any dips towards 53,600 or 53,000 are expected to be used as buying opportunities by market participants.

Additionally, both PSU and private banking indices are showing bullish setups. The PSU Bank index has confirmed an inverted Head & Shoulders breakout, reinforcing the case for further upside. If Bank Nifty manages to close above 54,300 convincingly, it could potentially head towards the 55,000 and 56,000 levels in the coming sessions, as per Fibonacci extension targets. The overall trend remains firmly positive with strong sectoral participation.

Key Resistance: 55000-56000

Key Support: 53000-52000

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