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Nifty 50 Index

* Nifty began the week on a weak note but rebounded strongly, closing at 23,350 on Friday with a weekly gain of 953 points.

* On the weekly chart, the index formed a long bullish candle, marking a higher high and a higher low while closing above the previous week’s high, reinforcing a positive bias.

* The index closed above the falling channel from its all-time high of 26,277 on the weekly chart, signalling the potential for further upside towards 23,800 and 24,000. 24,000 remains a key resistance level, as the 200-SMA is positioned at 24,069. Support levels are located at 23,000 and 22,600, with the 20-SMA positioned at 22,585.

* A breakout above 23,500 could trigger fresh buying, driving the index towards 23,800-24,000. Conversely, a break below 23,000 may invite selling, potentially dragging it down to 22,900- 22,600.

* For the week, we expect the Nifty to trade within the range of 24,000-22,600, maintaining a positive undertone.

* The Weekly RSI and Stochastic have turned positive from oversold levels, remaining above their reference lines— further strengthening the bullish outlook.

Bank Nifty Index

* The Bank Nifty opened the week with an upward gap and sustained strong buying momentum, closing at 50,594, up 2,533 points on a weekly basis.

* On the weekly chart, the index formed a bullish candle with a higher high and higher low, closing above the previous week's high, indicating a positive bias.

* The index rebounded sharply from the key support at 47,850, regaining strength and heading towards the 200- SMA at 50,961. A decisive breakout above this level could extend the upside momentum.

* A sustained move above 50650 could trigger fresh buying, taking the index towards 51,000-51,800. Conversely, a break below 49,800 may invite selling pressure, dragging it towards 49,500- 49,000.

* For the week, the Bank Nifty is expected to trade within the 51,500- 49,000 range, with a positive bias.

* The weekly strength indicator RSI and Stochastic have turned positive from the oversold zone, staying above their reference lines, strengthening the bullish outlook

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