IGI Logo

NIFTY WEEKLY OUTLOOK 

The Nifty index started the week on a largely flat note, opening at 23,883.15 and making an almost flat weekly high of 23,890 during the initial session. Thereafter, persistent selling pressure kept the index under pressure through most of the week, dragging it to a weekly low of 23,231.40 on the last trading day. Strong buying interest emerged from the lower levels, helping the index recover partially before it settled at 23,398.10, down 499.60 points (-2.09%) for the week. Heightened geopolitical uncertainty also weighed on overall market sentiment and contributed to the risk-off tone.

The weekly price action reflects a sharp corrective move, with Nifty facing sustained supply from higher levels and breaking below the near-term consolidation zone. However, the recovery from 23,231 on the final session indicates some buying interest emerging near lower levels. The index continues to hold above the 200-Week EMA, while remaining below the 50-Week EMA, keeping the broader structure cautious.

Sector-wise, market performance remained broadly weak, with Pharma being the only major sector to remain positive during the week, reflecting relative defensive strength. Energy remained largely sideways and stable, while Realty and IT witnessed the highest selling pressure, declining around 5–7% during the week. Other sectors also remained under pressure amid the broader risk-off environment and weak market breadth.

From a technical perspective, the weekly chart indicates that Nifty has witnessed a meaningful loss of momentum after facing resistance around the 24,150–24,300 region. The weekly RSI is placed around 40, indicating weakening momentum and remaining below the neutral 50 mark. The index is currently trading below the 50-Week EMA near 24,300, while the 200-Week EMA around 22,360 continues to act as an important long-term support. A sustained recovery above the immediate resistance zone would be required to improve the technical setup.

On the upside, immediate resistance levels are placed at 23,900 and 24,150. A sustained move above this zone could provide some relief and revive buying momentum. On the downside, support is seen at 23,250 and 23,000. A decisive breakdown below 23,000 could extend the corrective phase towards lower levels. Considering the current setup, traders are advised to remain selective and adopt a stock-specific approach while closely monitoring the key support and resistance levels.

Support Levels :- 23,000 - 23,250

Resistance Levels :- 23,900 - 24,150

Overall Bias :- Sideways

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

SEBI Registration no.: INZ 000160131