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Nifty 50 Index

* Nifty started the week on a positive note; however, profit booking at higher levels dragged the index lower to close on a flat note at 25,722, losing 73 points for the week.

* On the weekly chart, Nifty formed a small bearish candle with a long upper shadow, representing a short-term pause in its recent uptrend.

* The index is sustaining above the medium-term downward sloping trendline, which signals a sustained uptrend. On the downside, the support zone lies between 25,500–25,300 levels.

* A sustained move above 26,000 could trigger buying towards 26,100–26,300 levels.

* For the upcoming week, we expect Nifty to trade within the 26,000–25,500 range with a mixed bias.

* The weekly RSI remains above its reference line, reinforcing the bullish undertone.

Bank Nifty Index

* The Bank Nifty started the week on a soft note and remained rangebound within 58,500-57,600, indicating a lacklustre movement. The index ended the week on a flat note and closed at 57,776.

* On the weekly chart, Bank Nifty formed a doji candle and remained restricted within the previous week’s high-low range, indicating the absence of strength on the side and positive sentiment.

* The chart structure indicates that a violation of the 57,400 level could trigger profit booking, taking the index towards 57,000-56,200 levels.

* Conversely, a move above 58,300 may lead to momentum towards 58,600- 59,000 levels.

* For the week ahead, we expect Bank Nifty to trade within the 58,300-56,500 range with a mixed bias.

* The weekly RSI is above its reference line, confirming the bullish momentum.

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