Indian stock market: Indian benchmark indices, Sensex and Nifty, slipped in Monday’s session, dragged down by declines in financial and automobile stocks. This came even as global risk appetite improved due to easing tensions in the Middle East and a strong recovery in foreign fund inflows, which helped boost overall investor sentiment.
The BSE Sensex fell by 321 points or 0.38% to 83,737, while the NSE Nifty dropped 82 points or 0.32%, slipping below the 25,600 mark.
Despite Monday’s decline, both Sensex and Nifty had closed the previous week on a positive note, supported by better market sentiment and reduced geopolitical risks. The indices are now trading about 2.5% below their all-time highs reached in September.
“The Nifty ended 88 points higher, settling at 26738. Technically speaking, and like we have been highlighting, a trending move post the over month-long consolidation is already underway. We are now testing an important upside hurdle between 25640 and 25740 followed by a rising channel peak around 25800, so once we clear this zone, the next logical objective will be the all-time high at 26277. Immediate support lies at 25400 followed by 25250. Global cues are positive this morning, with Japan leading the gains in Asia and US futures in the green,” said Akshay Chinchalkar, Head of Research, Axis Securities.
Key technical levels to watch out this week
Nifty 50
The Nifty 50 climbed to a peak of 25,650 last week, driven by widespread buying interest, as investors reacted positively to the potential extension of the Trump tariff deadline and growing expectations of an early US Federal Reserve rate cut. These factors boosted global market sentiment, with Indian stocks participating in the broader rally.
According to brokerage firm Choice Broking, the Nifty is trading in Wave 5 of an impulse pattern on the weekly chart, signaling continued bullish momentum. The index has given a breakout from its recent consolidation range, forming a strong bullish candle.
“ According to Fibonacci extension levels, the projected targets for this 5th wave stand at 27,300 and 28,600. On the downside, immediate support is seen at 25,000 and 24,500, where any correction could be viewed as a buy-on-dips opportunity. The RSI stands at 64.58, trending upward, indicating continued strength in momentum,” the brokerage firm said.
Support Levels: 25200-25000
Resistance Levels: 27000-28000
Bank Nifty
Bank Nifty surged to a new all-time high above 57,400 last week, marking its fourth straight session of robust gains. The index demonstrated strong momentum, driven by widespread buying across both private and public sector banks.
Optimism in global markets—fueled by the possibility of a Trump tariff extension and rising expectations of a U.S. Federal Reserve rate cut—boosted investor confidence in banking stocks. Leading lenders like HDFC Bank, SBI, and ICICI Bank played a major role in sustaining the bullish trend.
According to Choice Broking, Bank Nifty is trading in the 5th wave of an impulse pattern, consistently forming higher highs and higher lows on the weekly chart. A breakout from the recent consolidation range was confirmed with rising volume and a bullish weekly candle.
“ The RSI at 67.3 indicates continued upward momentum but is approaching the overbought zone, signaling the need for caution. As per Fibonacci extension levels, the next potential upside targets lie at 58,700 and 60,000, while immediate support is placed near 56,700. Dips towards support levels can be seen as buying opportunities in this strong uptrend,” it said.
Support Levels: 57000-56700
Resistance Levels: 58500-59000
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
