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Weekly Technical Outlook and Picks

Nifty 50 Index

* Nifty opened the week on a subdued note, with early profit-booking offset by strong post-Fed rate-cut buying that erased most of the losses. The index ultimately settled at 26,047, marking a weekly decline of 140 points.

* On the weekly chart, a small bearish candle with a long lower shadow highlights firm buying interest near the crucial 25,700 support zone — a confluence of the Mar’25 upward trendline, the 12th November bullish gap, and the 61.8% Fibonacci retracement of the Nov’25 rally.

* Holding above 25,700 keeps the structure intact, while a breach could open a deeper downside. For the uptrend to resume, Nifty must close above the all-time high of 26,326; otherwise, consolidation within the 26,326–25,700 band is likely.

* A sustained move above 26,100 may pave the way toward 26,350–26,500, while a break below 25,800 could drag the index toward 25,650–25,500.

* Overall, we expect Nifty to oscillate between 26,500 and 25,500 with a mixed bias, as the weekly RSI remains flat, signalling indecision.

Bank Nifty Index

* Bank Nifty opened the week on a soft note and remained highly volatile throughout, eventually closing at 59,390 with a weekly loss of 387 points.

* On the weekly chart, a bearish candle with a long lower shadow highlights buying interest near the crucial 58,600 support zone — a confluence of the 50% Fibonacci retracement of the Nov’25 rally and a former resistance now acting as support under the principle of polarity.

* A break below 58,600 could open the gates for further downside, while a break and sustained move above the all-time high of 60,114 is essential to reaffirm bullish momentum.

* A move above 59,700 may drive the index toward 60,100–60,600, whereas a fall below 59,200 could drag it toward 59,000–58,500.

* For the week, we expect Bank Nifty to oscillate within the 60,600–58,500 range with a mixed bias.

* The weekly strength indicator, RSI, continues to remain flat, indicating the absence of directional strength.

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