Weekly Technical Outlook 29th Sept 2025 by Axis Securities Ltd
Nifty 50 Index
* Nifty opened the week on a weak footing and extended its bearish momentum, closing at 24,655 on Friday with a weekly loss of 672 points.
* On the weekly chart, the index has formed a long bearish candle with a lower high-low pattern, reflecting sustained weakness at current levels.
* The index continues to face strong resistance near the downward sloping trendline at 25,500, where profitbooking is likely to emerge. On the downside, major support is placed in the 24,350–24,150 zone, aligned with the 200-SMA placed at 24,162.
* Going forward, a decisive move above 24,850 could trigger buying interest, paving the way for an upside towards 25,000–25,200. Conversely, a break below 24,500 may accelerate selling pressure, dragging the index towards 24,350–24,000.
* For the coming week, Nifty is expected to trade in the broader range of 25,200– 24,000 with a negative bias.
* The weekly strength indicator RSI has turned negative and is below its respective reference lines, indicating a negative bias.
Bank Nifty Index
* Bank Nifty began the week on a negative note and remained under selling pressure, closing on a weak note at 54,389, down 1,070 points for the week.
* On the weekly chart, the index has formed a long bearish candle with a lower high-low formation and a close below the previous week’s low, reflecting weakness at current levels.
* Despite this decline, Bank Nifty outperformed Nifty on a relative basis and is likely to consolidate within the 56,000–53,500 zone.
* Chart structure indicates that a sustained move above 54,700 could trigger buying momentum, driving the index towards 55,000–55,500 levels. Conversely, a breakdown below 54,000 may accelerate selling pressure, dragging it towards 53,500–53,000.
* For the week ahead, we expect Bank Nifty to trade in the broader 55,500– 53,000 range with a mixed bias.
* The weekly RSI remains in negative terrain, below its reference line, reinforcing the bearish undertone.
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