Indian equity markets are expected to remain constructive with a positive bias in the coming week, supported by the Nifty’s ability to sustain above the crucial 24,500 level.
The RBI’s decision to keep the repo rate unchanged at 5.25 percent, along with its neutral policy stance and positive outlook on domestic economic growth, has reinforced investor confidence. Although global markets remain mixed amid concerns over the US interest rate trajectory and geopolitical developments, resilient domestic fundamentals, healthy corporate earnings and sustained buying by Domestic Institutional Investors (DIIs) are likely to provide support to the market.
Investors will continue to monitor foreign institutional flows, global crude oil prices and any significant macroeconomic developments for further direction.
From a technical perspective, the Nifty 50 continues to trade above its key short-term moving averages on both the daily and weekly charts, while momentum indicators remain in bullish territory, indicating that the medium-term uptrend is intact.
The 24,500 level is expected to act as a strong support zone. As long as the index holds above this level, positive momentum is likely to continue. On the upside, the 25,000 zone remains the immediate resistance, and a decisive breakout above 25,000 could pave the way for the next leg of the rally towards 25,300–25,500.
However, if the index fails to sustain above 24,500, short-term profit booking may drag it towards 24,300–24,100, where buying interest is expected to emerge.
Overall, the outlook remains positive, with fundamentally strong sectors such as Banking, Information Technology, PSU Banks, Auto and Metals expected to continue outperforming in the near term.
The equity markets ended the week on a positive note, supported by broad-based buying across most sectors. The BSE Sensex advanced 0.52 percent to close at 78,499.14, while the Nifty 50 gained 0.80 percent to settle at 24,570.70.
The Bank Nifty also ended the week higher, rising 0.80 percent to close at 57,746.40, reflecting selective buying in banking and financial stocks.
Sectoral performance remained largely positive, with PSU Banks, Metals, Auto and Information Technology emerging as the week’s top performers, while Media, Realty, Financial Services and Private Banks underperformed.
During the week, the Nifty 50 opened at 24,572.70 and rallied to a weekly high of 24,774.30 before witnessing profit booking. The index subsequently traded in a narrow range and closed the week at 24,570.70.
From a technical perspective, the Nifty continues to trade above its key short-term moving averages on both the daily and weekly charts, indicating that the broader trend remains positive. Momentum oscillators also remain in bullish territory, suggesting that the prevailing uptrend is likely to continue over the coming weeks.
The index formed a Doji candlestick on the weekly chart and managed to close above the key breakout level of 24,500, reinforcing the positive outlook. This level now acts as an important support zone.
As long as the Nifty sustains above 24,500, bullish momentum is expected to continue, with the potential to advance towards the psychological 25,000 mark in the coming weeks.
However, a decisive break below 24,500 could trigger short-term profit booking, with the next important positional support placed near 23,770.
The Bank Nifty ended the week at 57,746.40, registering a gain of 0.80 percent, supported by selective buying in banking and financial stocks.
From a technical standpoint, the index continues to maintain a positive medium-term structure on the weekly chart, as it remains above its major moving averages. The daily chart also reflects a positive undertone, with the index trading above its key short-term moving averages and momentum indicators remaining in bullish mode.
The index formed a small bullish candlestick on the weekly chart and closed above the previous week’s close, indicating that the positive trend is likely to continue.
Immediate support is placed at 57,000, and as long as the index holds above this level, bullish momentum is expected to remain intact. On the upside, 58,700 continues to be the key resistance level. A decisive close above this level could confirm a continuation of the broader uptrend towards higher levels.
Conversely, a break below 57,000 may lead to short-term profit booking.
The BSE Sensex ended the week at 78,499.14, gaining 0.52 percent and reflecting sustained optimism in the broader market.
Technical indicators and short-term moving averages on both the daily and weekly charts continue to support a positive outlook, suggesting that the near-term trend remains constructive.
Immediate support is placed around 78,200. As long as the index sustains above this level, the ongoing uptrend is likely to continue, paving the way for further gains in the coming weeks.
On the upside, the next important resistance zone is placed near 80,500–84,200. However, a failure to hold above 78,200 could trigger short-term profit booking, with the next major support seen near 75,500.
Research support: Research Desk, MyEquityLab.com, a SEBI-registered Research Analyst (Registration No. INH000023843).
Disclaimer: This article does not constitute investment advice or a recommendation to buy or sell any security. Readers should consult a qualified financial advisor before making any investment decisions.