Buy or sell: Last week, the Indian equity benchmark Nifty 50 ended higher by 1%, closing at 24,631, supported by positive CPI data from both India and the U.S. Large-cap and mid-cap indices also gained nearly 1% each.
Weekly market outlook
Nifty 50
On the technical front, Nifty slipped below the crucial 24,800 support level and extended its decline toward the 24,200–24,300 zone, aligning with the 200-day EMA and the 38.2% Fibonacci retracement from the March low of 21,700. This zone now acts as a strong immediate support. Any positive trigger could lead to a short-covering rally toward the 24,800–25,000 range. For the upcoming week, if Nifty sustains above the 24,600 mark, it is likely to test 24,800 and 25,000. Options data indicates maximum Call OI at 25,000, followed by 24,800, while on the Put side, the highest OI is seen at 24,000, followed by 24,400, highlighting key levels for market participants.
Bank Nifty
On the Bank Nifty front, the index has sustained its immediate support at 55,000 for two consecutive weeks, with resistance at 56,000 remaining crucial for the near term.
Conclusion
On a broader timeframe, both Nifty and Bank Nifty closed the week below their respective monthly support levels—24,800 and 56,000—indicating a continuation of short-term bearish sentiment. For the week ahead, Nifty’s key support lies in the 24,200–24,300 range with resistance at 25,200, while Bank Nifty holds support between 54,000 –53,500 and faces resistance at 57,000. Overall, while the broader trend remains cautiously optimistic, a decisive breakout above resistance levels will be essential to confirm the resumption of upward momentum, and traders are advised to remain cautious while tracking global cues and geopolitical developments.
Weekly stocks to buy or sell
Buy Blue Star at ₹1780-1790; Stop Loss at ₹1860; Target Price of ₹1740.
Buy PNB Housing Finance at ₹765-770; Stop Loss at ₹790; Target Price of ₹757.
Buy Ashok Leyland at ₹120-121; Stop Loss at ₹126; Target Price of ₹116.
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.
