IGI Logo

Nifty

The Nifty index witnessed sharp bearish momentum this week, declining 672 points and erasing the gains of the past two weeks. On the daily timeframe, the index faced stiff resistance near the 25,500 zone and turned lower, posting seven consecutive red candles, which reflects sustained selling pressure and weakening sentiment.

The index slipped below the crucial 24,750 mark, eventually closing at 24,654. Nifty now trades below its 20-day and 50-day EMAs and is approaching the 200-day EMA, highlighting a weakening technical setup. A breakdown below 24,500 could accelerate the decline towards the 24,400 level (200-day EMA), and further down to 24,180.On the upside, immediate resistance levels are placed at 24,750, followed by 24,880 and 25,000. Unless the index reclaims these levels, the short-term bias is likely to remain negative.

Given the prevailing structure, a “sell on rise” approach remains favorable, though traders should adopt strict stop-loss measures to manage risk in this volatile environment.

Support Levels:- 24500-24180

Resistance Levels :- 24750 - 25000

Overall Bias :- Sideways To Bearish  

Bank Nifty

Bank Nifty ended the week on a negative note, closing at 54,389 after declining nearly 586 points. The index displayed weakness by breaking below the 54,500 mark and registering a third consecutive daily decline. On the weekly timeframe, however, it managed to hold above the 20-week EMA, suggesting some underlying resilience.

If selling pressure persists and the index decisively breaks below the 54,000 level, further downside towards 53,784 (200-day EMA) and 53,500 may be seen. On the upside, immediate resistance is placed at 54,900, followed by 55,270 and 55,500.

Technical indicators present a mixed outlook. The RSI, currently at 40.92 and trending upward, signals improving momentum. However, Bank Nifty is trading below both the 20-day and 50-day EMAs, and is now approaching the 200-day EMA. A decisive close below the 200-day EMA would reinforce the bearish bias, whereas a sustained move above it could shift sentiment toward the positive side.

Given the current price structure, traders are advised to remain cautious and adopt strict risk management. The key levels to watch are 54,000 on the downside and 54,900 on the upside, which are likely to determine the index’s next directional move.

Support: 54000-53784

Resistance: 54900-55500

Bias- Sideways to bearish  
 

For Detailed Report With Disclaimer Visit. https://choicebroking.in/disclaimer

SEBI Registration no.: INZ 000160131