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Nifty

The Nifty index witnessed a reversal this week, gaining 239 points after a brief consolidation phase. On the daily timeframe, the index found strong support near the 24,600 zone and rebounded higher, posting two consecutive green candles, which reflects renewed buying interest and improving sentiment.

The index moved above the crucial 24,800 mark, eventually closing at 24,894.25. Nifty now trades above its 200-day and 100-day EMAs and is approaching the 20-day and 50-day EMAs, highlighting the potential for a stronger recovery if follow-through buying emerges.On the downside, a breakdown below 24,750 could accelerate weakness towards 24,600, and further down to 24,400 (200-day EMA). On the upside, immediate resistance levels are seen at 25,000, followed by 25,120 and 25,340. A sustained move above these levels would confirm bullish continuation, while failure to cross them could keep the short-term trend range-bound.

Given the current structure, a “buy on dips” strategy remains favorable, though traders should maintain strict stop-loss measures to manage risk in this volatile market environment.

Support Levels:- 24750-24600

Resistance Levels :- 25000- 25340

Overall Bias :- Sideways To Bullish   

Bank Nifty

Bank Nifty ended the week on a positive note, closing at 55,589 after rising nearly 1,199 points. The index displayed strength by breaking above the 55,000 mark and registering a second consecutive daily gain. On the weekly timeframe, it continues to hold firm above the 20-week EMA, suggesting sustained strength and supporting the broader bullish undertone.

If selling pressure re-emerges and the index decisively breaks below 55,140, further downside towards 55,000 and 53,832 (200-day EMA) may unfold. On the upside, immediate resistance is placed at 55,850, followed by 56,000 and 56,400.

Technical indicators present a cautiously positive setup. The RSI, currently at 58.10 and trending higher, reflects improving momentum. In addition, Bank Nifty is trading above the 20-day, 50-day, and 200-day EMAs, indicating a supportive structure for continuation of the uptrend. A decisive close above 56,000 would reinforce the bullish bias, whereas failure to hold this level could shift sentiment back to the downside.

Given the current structure, traders are advised to remain constructive but adopt strict risk management. The key levels to watch are 55,000 on the downside and 56,000 on the upside, which are likely to dictate the next directional move in Bank Nifty.

Support: 55140-55000

Resistance: 55850-56000

Bias- Sideways to bullish   

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