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Nifty 50 Index

* Nifty opened the week with a gap-up and consolidated for most sessions before encountering profit booking on Friday. The index closed at 24,870, gaining 239 points for the week.

* On the weekly chart, the index formed a small bearish candle with a long upper shadow, reflecting selling pressure near the 61.8% Fibonacci retracement of the 25,669–24,337 decline, placed at 25,160.

* While the index has broken above the falling channel, resistance at 25,250 remains crucial—only a decisive close above this level may trigger further upside. On the downside, the bullish gap zone at 24,853–24,674 and the 20- day SMA near 24,740 are expected to act as key support.

* Above 25,000, Nifty may head towards 25,250–25,500; while below 24,800, downside opens to 24,650–24,500.

* For the week, we expect Nifty to trade within 25,500–24,500, with a mixed bias.

* Importantly, the weekly RSI has turned positive and is holding above its reference lines, signalling an underlying positive bias.

Bank Nifty Index

* Bank Nifty began the week on a positive note but slipped into selling pressure on Friday, ending lower at 55,149, with a weekly loss of 192 points.

* On the weekly chart, the index has formed a long bearish candle with a lower high-low formation, closing below its prior week’s low—a clear sign of weakness.

* It also closed below the 20-week SMA placed at 55,434 and faced resistance at the upper band of the falling channel, further reinforcing bearish sentiment.

* The chart setup indicates that a sustained move above 55,650 could trigger buying towards 56,000–56,350, while a break below 55,000 may accelerate selling towards 54,500– 54,000. • For the week, we expect Bank Nifty to trade in a broad range of 56,350– 54,000 with a negative bias.

* The weekly RSI remains in the negative territory, confirming the weak momentum.

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