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Nifty 50 Index

* Nifty started the week on a positive note but witnessed selling around the 25,000 level, ending the week on a weak note. It closed at 24,427 on Friday with a weekly loss of 443 points.

* On the weekly chart, the index has formed a long bearish candle, with a lower high-low compared to the previous week, indicating weakness at current levels.

* The Index is approaching a horizontal support of 24,350. A breakdown below this level could open downside till 24,071 (200-day SMA). For a positive trend reversal, the index must close above 24,702 (20-day SMA).

* The chart structure indicates that a sustained move above 24,500 may attract buying interest, driving the index towards 24,700–25,000, while a breakdown below 24,350 could intensify selling pressure, dragging it towards 24,150–23,900.

* For the week, we expect Nifty to trade in the range of 25,000-23,900 with a negative bias.

* The weekly strength indicator RSI is moving downwards and is quoting below its reference line, indicating a negative bias.

Bank Nifty Index

* Bank Nifty began the week with a gapdown and remained under selling pressure throughout, closing at 53,656 with a sharp weekly loss of 1,494 points.

* On the weekly chart, the index has formed a long bearish candle with a lower high-low and closed below the prior week’s low, confirming weakness at current levels.

* The index is now approaching the May’25 low of 53,483. A breakdown below this support could open further downside, while holding above it may trigger a short-lived relief rally.

* The chart structure indicates that a sustained move above 54,000 could invite buying interest, lifting the index towards 54,500–55,000. Conversely, a breach below 53,500 is likely to accelerate selling pressure, dragging the index towards 52,900–52,500.

* For the coming week, we expect Bank Nifty to trade in the 55,000–52,500 band with a negative bias.

• The weekly RSI remains in negative territory and below its reference line, reaffirming the bearish undertone.

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