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Nifty

* Nifty started the week on a positive note, extending the prior buying interest near 26,104 levels. However, profit booking at higher levels dragged the index lower to close on a flat note at 25,795, registering a weekly gain of 86 points.

* On the weekly chart, Nifty formed a “doji” candle with a long upper shadow, representing a short-term pause in its recent uptrend.

* The index is sustaining above the medium-term downward sloping trendline, which signals a sustained uptrend. On the downside, the support zone lies between 25,500–25,300, with major support at 25,230 (20-day SMA).

* A sustained move above 26,000 could trigger buying towards 26,100–26,300 levels.

* For the upcoming week, we expect Nifty to trade within the 26,300–25,500 range with a positive bias.

* The weekly RSI remains above its reference line, reinforcing the bullish undertone.

Bank Nifty

* Although the Bank Nifty started the week on a soft note, it regained momentum and registered an all-time high at 58,577, indicating bullish sentiments. The index ended the week on a flat note and closed at 57,700.

* On the weekly chart, Bank Nifty formed a doji candle with a higher high–low structure, a clear indication of underlying strength and positive sentiment.

* The chart structure indicates that a violation of the 57,400 level could trigger profit booking, taking the index towards 57,000-56,500 levels.

* Conversely, a move above 58,300 may lead to momentum towards 58,600- 59,000 levels.

* For the week ahead, we expect Bank Nifty to trade within the 59,000–57,000 range with a positive bias.

* The weekly RSI is above its reference line, confirming the bullish momentum.

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