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Nifty 50 Index

* Nifty began the week on a flat note and remained rangebound for most sessions. However, sharp profit booking and selling pressure on Friday dragged the index into negative territory. It ended the week at 24,837, down 131 points for the week.

* On the weekly chart, Nifty has formed a small bearish candle with a long upper shadow, signalling selling pressure near the 20-day SMA (25,259).

* The index continues to face resistance at this key moving average, reflecting persistent weakness. A sustained move below 25,000 may extend the decline towards 24,500–24,300, while a decisive breakout above 25,000 could revive positive momentum.

* Chart structure suggests that a break above 25,000 could trigger buying interest, while a fall below 24,750 may attract fresh selling, taking Nifty lower to 24,500–24,300 levels.

* For the coming week, we expect Nifty to trade within a broad range of 25,500– 24,300, with a mixed to negative bias.

* The weekly RSI turns negative and remains below its respective reference lines, reinforcing the bearish undertone.

Bank Nifty Index

* Bank Nifty started the week on a flat note and traded in a narrow range for most sessions. However, Friday’s sharp sell-off dragged the index towards the week’s low. Despite this, it managed to post a weekly gain of 246 points, closing at 56,529.

* On the weekly chart, the index has formed a long-legged Doji, reflecting indecision among market participants regarding the near-term direction.

* It ended the week below the 20-day SMA (56,964), indicating underlying weakness. A decisive close above the 20-day SMA is crucial to shift the momentum in favour of the bulls.

* A move above 57,000 may trigger buying towards 57,300–57,650, while a break below 56,300 could lead to selling towards 55,800–55,200.

* For the week ahead, we expect Bank Nifty to trade in a broad range of 57,650–55,200 with a mixed bias.

* The weekly strength indicator RSI has turned flat, indicating a lack of direction, and the momentum indicator Stochastic is in the negative territory, indicating a negative bias.

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