Technical Research : Weekly Technical Note by Emkay Global Financial Services
The Nifty 50 stays sideways-to-negative, capped by 24,400-24,600 resistance, with support at 23,700 (below which 23,300–23,100 turns into a buying zone), while the Nifty Midcap 150 remains structurally bullish, with support at 22,200-22,500 and a bull phase projected into Oct Dec 2027; MCX Crude Oil faces resistance at 8,650, with downside risk to 7,300, and USDINR is expected to appreciate further after finding support at 95.5678 95.7237. Among sectors, Auto and Pharma hold a bullish bias (key levels 27,000 28,600 and 26,200 27,300, respectively), while Energy stays bearish below 38,500, risking a slide to 36,600. On the stock front, six buy ideas are live AIIL, APLAPOLLO, SUNPHARMA, LTF, MAXHEALTH, and MOTHERSON with risk-reward ratios (using the upper buy price as entry) ranging from a tighter 1:1.73 on LTF to a more favorable 1:3.11 on APLAPOLLO.
Market outlook
* Nifty 50: Trend remains sideways-to-negative. Resistance at 24,400-24,600; a move above 24,600 could revive bullish momentum. Immediate support is 23,700; below this, the index may drift toward 23,300-23,100. Buy only if the support zone shows a positive reversal.
* Nifty Midcap 150: Structure remains bullish. The index has completed an 84-week time correction and 22% price correction. Strong support lies at 22,500-22,200, with the broader uptrend expected to continue toward Oct-Dec 2027.
Intermarket view
* MCX Crude Oil: Faces resistance near 8,650 and may correct toward 7,300.
* USDINR: Bias remains intact, with support at 95.72-95.57.
Sector view
* Bullish: Auto and Pharma.
* Weak: Energy remains under pressure; below 38,500, downside may extend toward 36,600.
Trading ideas
* AIIL: Buy Rs550–530 | SL: Rs498 | Target: Rs660
* APL Apollo: Buy Rs1,850–1,780 | SL: Rs1,760 | Target: Rs2,130
* Sun Pharma: Buy Rs1,970–1,930 | SL: Rs1,900 | Target: Rs2,175
* L&T Finance: Buy Rs312–300 | SL: Rs290 | Target: Rs350
* Max Healthcare: Buy Rs1,114–1,090 | SL: Rs1,070 | Target: Rs1,210
* Motherson: Buy Rs149–143 | SL: Rs134 | Target: Rs185
Nifty 50: The broader trend stays sideways-to-negative. Resistance: 24,400-24,600 | Support: 23,700 | Breakdown support: 23,300-23,100. Bulls regain control only on a sustained move above 24,600; a slip below 23,700 opens the path toward 23,300-23,100, a zone we would treat as an accumulation opportunity on weakness.
Nifty Midcap 150: The index holds a bullish structure, with dips offering a buying opportunity. An 84-week time correction alongside a 22% price correction, has now given way to a bullish continuation setup, aligning both price and time triggers. Key support band: 22,200–22,500.
MCX Crude Oil: Price is testing resistance at 8,650 after a sharp 32% rally off recent lows. Failure to sustain above this level opens room for a corrective decline toward 7,300.
USDINR: The pair faced resistance at its previous peak of 96.6032, followed by a 1% pullback. Immediate support: 95.5678–95.7237. Short-term bias favors continued appreciation in the pair.
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