Buy or sell: The Nifty 50 ended the week higher by 0.80% at 24,870, supported by positive sentiment following news of the government’s plan to rationalise GST rates into two slabs. Large-cap, Mid cap and small cap indices also gained nearly 1-2 % each.
Weekly market outlook
Nifty 50
On the technical front, Nifty managed to move and close above the crucial 24,800 resistance level, extending gains towards the 25,000 mark. The index had earlier taken support in the 24,300–24,400 zone, which aligns with the 200-day EMA and the 38.2% Fibonacci retracement from the March low of 21,700, making this zone a strong immediate support.
For the upcoming week, if Nifty sustains above the 25,000 mark, it could move higher towards 25,200–25,500, while on the downside, support lies in the 24,600–24,800 band. Options data highlights maximum Call open interest at 25,500, followed by 25,200, while on the Put side the highest OI is placed at 24,800 and 24,600, indicating these as key levels to watch.
Bank Nifty
Meanwhile, Bank Nifty has continued to hold its immediate support at 55,000 for two consecutive weeks, with broader support seen in the 54,500–55,000 range and resistance at 56,000 and 57,000 on the upside.
Conclusion
On a broader timeframe, Overall, while the market retains an optimistic undertone, a decisive breakout above resistance levels—25,600 for Nifty and 57,000 for Bank Nifty—will be critical to confirm the resumption of upward momentum, and traders are advised to remain selective with a disciplined approach while cautious tracking global cues and geopolitical developments.
Weekly stocks to buy or sell
1. Patanjali Foods (PATANJALI) Buy at ₹1800-1810; Stop Loss at ₹1770; Target Price of ₹1880.
2. Prestige Estates Projects Limited (PRESTIGE): Buy at ₹1630-1640; Stop Loss at ₹1570; Target Price of ₹1750.
3. Redington (REDINGTON): Buy at ₹242-244; Stop Loss at ₹232; Target Price of ₹260.
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.
