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Nifty 50 Index

* Nifty opened last week with an upward gap and gained traction in the first half; however, profit booking in the latter sessions trimmed early gains. The index settled at 24,039 on Friday, posting a weekly gain of 188 points.

* Nifty formed a small bullish candle with an upper shadow on the weekly chart, indicating selling near the 61.8% Fibonacci retracement of the 26,277– 21,744 fall (Sep’24- Apr’25) at 24,550.

* The index is now approaching key resistance zones at 24,550 and 24,850 (Dec’24 swing highs), while 23,850 is expected to act as a crucial support zone, being a confluence of the bullish gap area (23,872–23,903) and a previous resistance turned support, as per the principle of polarity.

* A sustained move above 24,200 may trigger fresh buying, paving the way toward 24,550–24,700. Conversely, a break below 24,000 could invite profit booking, dragging the index towards 23,850–23,500.

* For the week ahead, Nifty is likely to trade in the range of 24,700–23,500 with a mixed bias.

* Weekly RSI stays above its reference line, reinforcing positive momentum.

Bank Nifty Index

* Bank Nifty started the week on a firm note and maintained strength in the initial sessions; however, profit booking at higher levels trimmed gains, resulting in a close at 54,664, with a weekly gain of 374 points.

* On the weekly chart, the index formed a small bearish candle with a long upper shadow, reflecting selling pressure near the 56,000 mark.

* The index is likely to consolidate in the 56,000–54,000 zone. Notably, 54,400 is a key support level—being a confluence of a bullish gap (54,400–54,675), the Sep’24 swing high, and the 23.6% Fibonacci retracement of the Apr’25 rally (49,157–56,099), placed near 54,497.

* A decisive move above 55,000 could trigger renewed buying, potentially lifting the index toward 55,500–56,000, while a breach below 54,400 may invite selling, dragging it toward 54,000– 53,500.

* For the week, Bank Nifty is expected to trade within the range of 56,000–53,500 with a mixed bias.

* Weekly RSI trends higher, staying above the reference line, signalling strong momentum.

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