Weekly Technical Outlook 06th October 2025 by Axis Securities Ltd
Nifty 50 Index
* Nifty started the week on a positive note; however, it extended the previous week’s selling momentum. Post the RBI policy announcement, the index witnessed strong buying and closed the week at 24,894, up 240 points for the week.
* On the weekly chart, Nifty formed a small bullish candle with a lower shadow, indicating buying interest at lower levels.
* Immediate resistance is placed at 24,991 (20-day SMA), followed by a key hurdle around 25,500, where the downward sloping trendline is positioned. Major support lies in the 24,350–24,162 zone (200-day SMA).
* A sustained move above 25,000 may fuel momentum towards 25,200– 25,500, while a break below 24,650 could drag the index to 24,500–24,300.
* For the week, Nifty is likely to trade in the 25,500–24,300 range with a mixed bias.
* The weekly RSI remains flat above its reference line, reflecting a lack of directional strength, while the Stochastic oscillator has turned negative from the overbought zone, indicating a potential consolidation or short-term pullback.
Bank Nifty Index
* Bank Nifty started the week with an upward gap and maintained buying momentum for most of the week, closing firmly in the positive territory. The index ended at 55,589, with a weekly gain of 1,200 points.
* On the weekly chart, the index formed a strong bullish candle and closed above the downward-sloping trendline in place since Jul’25, marking a significant technical breakout.
* The index outperformed Nifty during the week, closing above the 55,500 resistance, though follow-up action will be crucial. Immediate support is placed at 54,300, with major support at 53,500 (in place since Apr’25).
* A move above 55,850 could drive gains towards 56,000–56,500, while a break below 55,000 may trigger declines to 54,600–54,000.
* For the week, Bank Nifty is expected to trade in the 56,500–54,000 range with a positive bias.
* The weekly RSI has crossed above its reference line, reinforcing a positive momentum shift, while the Stochastic indicator remains in a bullish trajectory.
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