The Nifty index started the week on a weak note, opening with a gap-down of nearly 286 points at 23,080.70 amid cautious global cues and heightened geopolitical concerns. However, the index witnessed strong buying interest from lower levels right from the opening session, helping it recover a significant portion of the initial losses. Throughout the week, Nifty traded in a consolidation phase with a positive undertone, indicating accumulation at lower levels.
Buying momentum strengthened further in the latter half of the week, particularly on Friday, when the index rallied sharply to mark an intraday high of 23,645.35 and eventually settled at 23,622.90, near the day’s high. For the week, Nifty gained 256.20 points, or 1.10%, reflecting improving market sentiment.
From a technical perspective, the RSI on the weekly timeframe stands near 42.94, indicating a gradual recovery in momentum while still remaining below the bullish zone. The index continues to trade below its 20-week and 50-week EMAs, suggesting that some overhead resistance remains intact. However, the formation of higher lows from the recent support zone and a rebound from the lower end of the falling channel indicate improving strength. Sustaining above the 23,500 zone could further support a recovery towards higher resistance levels in the coming sessions.
On the upside, immediate resistance levels are placed at 23,950 and 24,100. On the downside, support is seen at 23,200 and 23,000. A decisive move above the 24,100 zone could trigger fresh buying momentum and improve the broader market structure, while a breakdown below 23,000 may invite renewed selling pressure. Considering the current technical setup, traders are advised to maintain a stock-specific approach while adhering to strict risk management strategies amid prevailing market volatility.
Support Levels :- 23,200 - 23,000
Resistance Levels :- 23,950 - 24,100
Overall Bias :- Sideways to Bullish
Bank Nifty Outlook
The Bank Nifty index started the week on a weak note, opening with a gap-down of nearly 642 points amid cautious global sentiment. However, the weakness proved short-lived as strong buying interest emerged immediately from lower levels. After marking its weekly low at 53,843.30 during the opening phase of the week, the index witnessed a sharp recovery supported by broad-based buying across private and PSU banking stocks.
The bullish momentum remained intact throughout the week, helping Bank Nifty steadily scale higher levels and surpass key resistance zones. Sustained buying interest, along with improving market breadth, pushed the index to a weekly high of 56,867.10. The benchmark eventually settled at 56,814.80, near its weekly high, registering a robust gain of 2,318.55 points or 4.25% for the week. The strong closing near the upper end of the range reflects continued strength and positive market participation within the banking space.
Technically, Bank Nifty has given a decisive breakout from its recent sideways consolidation range on the weekly chart, indicating a revival of bullish momentum. The index has also reclaimed its 20-week and 50-week EMA levels, which may now act as important support zones on declines. Weekly RSI has improved to 53.00 and moved above the neutral mark, suggesting strengthening momentum and improving sentiment. Immediate support is placed in the 55,500–56,000 zone, while resistance is seen at 57,500 and 58,000. Sustaining above the breakout zone could keep the positive momentum intact in the coming weeks.
Support: 55,500–56,000
Resistance: 57,500–58,000
Overall Bias: Sideways to Bullish
