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NIFTY WEEKLY OUTLOOK

The Nifty index displayed strong bullish momentum over the past week, advancing 213 points and forming a bullish candle, marking the third consecutive week of gains. On the weekly chart, the index has formed a cup and handle pattern, and a decisive breakout of this formation, supported by increasing volumes, would signal the potential for further sustained upside. On the daily timeframe, Nifty has also formed a double-bottom pattern, demonstrating resilience and sustainability above key support levels, reinforcing the prevailing bullish sentiment.

The index has held firmly above the 25,300 mark, closing at 25,327. Nifty continues to trade above its key moving averages—the 20-day, 50-day, and 200-day EMAs—further confirming the broader bullish undertone. As long as the index remains above these moving averages, market sentiment is expected to stay constructive.On the upside, immediate resistance levels are seen at 25,500, followed by 25,600 and 25,850. On the downside, support is placed at 25,150 and then at 25,000, with a deeper breakdown below 24,900 likely to trigger additional downside pressure.

Given the current structure, a “buy on dips” strategy remains favorable, though traders are advised to maintain a disciplined approach with strict stop-loss measures, particularly considering the prevailing market volatility.

Support Levels:- 25150-25000

Resistance Levels :- 25600-25850

Overall Bias :- Sideways To Bullish  

BANKNIFTY WEEKLY OUTLOOK 

Bank Nifty ended the week on a positive note, closing at 55,458.85 after recovering nearly 649 points during the week. The index has demonstrated resilience by sustaining above the 55,400 mark and closing in the green for the third consecutive week. On a weekly basis, it broke above the 20-week EMA, signaling renewed strength.

If the buying momentum continues and the index decisively crosses 55,750, it could pave the way for further upside towards 56,000 and 56,500 levels. On the downside, immediate support is placed at 55,000. A sustained breakdown below this level could trigger fresh selling pressure, with potential targets at 54,830 and 54,500.

Technical indicators also point to a bullish bias. The RSI, currently around 55.32 and trending upward, indicates improving momentum. Additionally, Bank Nifty is trading above both the 20-day and 200-day EMAs and is approaching its 50-day EMA. A decisive close above the 50-day EMA would further reinforce the bullish outlook.

Given the current price structure, traders are advised to maintain a cautious yet constructive approach, with strict risk management. Key levels to watch are 56,000 on the upside and 54,830 on the downside, which will likely define the next major directional move for Bank Nifty.

Support: 55000-54830

Resistance: 56000-56500

Bias- Sideways to Bullish
 

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