The overall month has been quite unpredictable. While many on the chart stood strong, most of them have slipped. Bank Nifty on the other hand maintained its grip for a long time but now appears slightly bearish. Let’s see what the coming month holds for the investors as Mr. Sumeet Bagadia, Executive Director of Choice takes us through the weekly predictions of the market.
The Nifty index displayed strong bullish momentum over the past week, advancing 373 points and forming a robust bullish candle. On the weekly chart, the index has broken out of a symmetrical triangle pattern with conviction, signaling the potential for further upside. On the daily timeframe, Nifty has also formed a double-bottom pattern and is now approaching the neckline resistance. A decisive breakout above this level would confirm a strong bullish reversal from recent lows.
The index has shown resilience by holding firmly above the 25,100 mark, closing at 25,114. Importantly, Nifty continues to trade above its key moving averages—the 20-day, 50-day, and 200-day EMAs—underscoring the broader bullish undertone. As long as the index sustains above these moving averages, market sentiment is likely to remain constructive. On the upside, immediate resistance levels are placed at 25,160, followed by 25,250 and 25,500. On the downside, support is seen at 25,000 and then at 24,900, with a deeper breakdown below 24,750 likely to trigger further downside pressure.
Given the current structure, a “buy on dips” strategy remains favorable, though traders are advised to follow a disciplined approach with strict stop-loss measures, especially in light of the prevailing volatility.
Nifty 50 View | Levels |
---|---|
Support | 25000-24900 |
Resistance | 25160-25500 |
Bias | Sideways To Bullish |
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Bank Nifty ended the week on a positive note, closing at 54,809.3 after recovering nearly 730 points from the week’s low. The index has demonstrated resilience by sustaining above the 54,400 mark. On a weekly basis, it broke out of the recent sideways consolidation between 54,550–53,550, signaling renewed strength and closing in the green for the second consecutive week.
If the buying momentum continues and the index decisively crosses 55,150, it could open the door for further upside towards 55,500and 56,000 levels. On the downside, immediate support is placed at 54,400. A sustained breakdown below this level could invite fresh selling pressure, with downside targets at 54,000 and 53,636.
Technical indicators are also leaning towards a bullish bias. The RSI, currently around 49.68 and trending upward, suggests improving momentum. Moreover, Bank Nifty is trading above both the 20-day and 200-day EMAs and is now approaching its 50-day EMA. A decisive close above the 50-day EMA would further strengthen the bullish outlook.
Given the current price structure, traders are advised to adopt a cautious yet constructive approach. Strict risk management is essential, with 55,150 on the upside and 54,400 on the downside serving as critical levels to determine the next directional move in Bank Nifty.
Nifty Bank View | Levels |
---|---|
Support | 54400 -54000 |
Resistance | 55150 -55500 |
Bias | Sideways to Bullish |
Technical Research - Team Choice gives the prediction.
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