The Nifty 50 ended the week at 25,795, witnessing profit booking from the 26,100 level and closing with marginal gains - Religare Broking Ltd
Market Outlook
The Nifty 50 ended the week at 25,795, witnessing profit booking from the 26,100 level and closing with marginal gains. On the weekly chart, kind of gravestone doji candlestick pattern indicates waning bullish momentum and hints at a potential corrective move towards the 25,600–25,650 zone. However holding above this level maintains the bullish sentiment, paving the way to reclaim higher levels in the near term. Derivatives data show, Call OI buildup at 26,000 strikes indicates immediate resistance levels, while Put OI buildup at the 25,600 and 25,500 suggests an immediate support for index.
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Weekly Technical Outlook and Picks by Axis Securities Ltd
