Buy or sell: The Indian equity markets exhibited a firm undertone throughout the week, with the Nifty index maintaining its bullish momentum, bolstered by strength in the broader markets and favourable global cues.
A significant contributor to this positive sentiment was India’s robust GDP growth of 7.4% in the January–March quarter of FY 2024–25, surpassing market expectations and marking the highest quarterly expansion in the past year. Global equities also remained strong amid signs of easing inflation and reduced geopolitical tensions, further supporting the upbeat tone across domestic markets.
Weekly Market Overview
Despite this strength, the market entered a consolidation phase during the week, with the Nifty closing flat on a weekly basis. The index showcased strong stock-specific activity, underpinned by persistent buying across multiple sectors.
After a gap-up opening on Monday, the Nifty remained above the 24,500–24,600 mark, ultimately settling around the 24,750 mark. This movement confirms a shift in technical structure, with the earlier resistance zone—coinciding with the 61.8% Fibonacci retracement of the recent decline—now acting as a crucial support level.
Looking ahead, resistance is expected near the 25,200–25,300 zone, aligning with the 78.6% retracement level. A strong weekly close above 25,200 could trigger fresh buying interest, potentially driving the index toward 25,600 in the coming sessions. Conversely, a close below 24,500 might indicate a short-term pause, especially amid ongoing global uncertainties.
Bank Nifty Outlook
The Bank Nifty, meanwhile, traded in a narrow range throughout the week, oscillating between 55,000 and 56,000. Immediate support is placed near the 54,500 mark, with resistance capped at 56,000.
Conclusion
On a broader scale, both Nifty and Bank Nifty have ended the week above their respective monthly support levels—23,800 for Nifty and 53,000 for Bank Nifty—reflecting sustained bullish sentiment. Key long-term supports at 21,700 for the Nifty and 50,500 for the Bank Nifty remain critical benchmarks for initiating fresh long positions.
Traders should closely monitor resistance levels at 25,300 for Nifty and 57,000 for Bank Nifty, while staying vigilant to evolving geopolitical factors that may influence market direction in the near term.
Weekly stocks to buy or sell
Buy SRF at ₹2850-2900; Stop Loss at ₹2700; Target Price of ₹3400.
Buy BEL at ₹385-390; Stop Loss at ₹370; Target Price of ₹420.
Buy National Aluminium Co. at ₹178-181; Stop Loss at ₹168; Target Price of ₹200.
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.
