Buy or sell: The Indian equity markets witnessed a largely sideways movement during the week, establishing a range between the 24,300–25,000 zone. The Nifty 50 ended the week at 24,741, registering a gain of 1.14%. Across the broader indices, large-cap, mid-cap, and small-cap stocks rose between 1–2 percent. Foreign Institutional Investors (FIIs) continued their selling streak for the 10th consecutive week, while Domestic Institutional Investors (DIIs) absorbed the pressure with equity purchases worth nearly ₹13,000 crores. Among sectoral performers, the Metal index led the rally with gains of around 7%, while automobile, telecom, financials, capital goods, and infrastructure advanced nearly 3% each. On the downside, technology and chemicals slipped marginally, losing about 0.5% each.
Weekly market outlook
Nifty 50
From a technical perspective, Nifty’s near-term trend hinges on the 24,800–25,000 zone, which has emerged as a critical resistance area backed by heavy Call Open Interest (OI). A sustained close above this range could trigger bullish momentum, potentially paving the way for an upward move toward the 25,300–25,600 levels. Conversely, a breach below 24,300 may signal a short-term pause or minor correction, with 24,200 and 24,000 serving as key support levels supported by significant Put OI. The broader trend, however, remains sideways until the index decisively clears the 25,000–25,200 hurdle, with a move above 25,200 required to confirm a continuation of bullish momentum.
Bank Nifty
The Bank Nifty closed weaker at 54,114, reflecting ongoing underperformance. The index faces immediate resistance in the 55,000–55,500 zone, and only a decisive breakout above this band could trigger a fresh uptrend. On the downside, the 53,000 level is expected to act as strong support and attract buying interest. On a broader timeframe, both the Nifty and Bank Nifty ended below their respective monthly support levels of 25,000 and 56,000, indicating persistence of short-term bearish undertones.
Conclusion
For the week ahead, traders should closely watch key levels—24,200–24,300 as support and 25,200 as resistance on the Nifty, while Bank Nifty is likely to see support in the 52,500–53,000 zone and resistance near 56,000. Caution is advised, with global cues and geopolitical developments likely to play a critical role in short-term market direction. While the broader outlook remains cautiously optimistic, a breakout above the identified resistance levels will be essential to confirm the resumption of upward momentum.
Weekly stocks to buy or sell
1. National Aluminium Co (NATIONALUM): Buy at ₹207-212; Stop Loss at ₹198; Target Price of ₹225.
2. Interglobe Aviation (INDIGO): Buy at ₹5660-5680; Stop Loss at ₹5580; Target Price of ₹5850.
3. Zensar Technologies (ZENSARTECH): Buy at ₹770-780; Stop Loss at ₹755; Target Price of ₹825.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
