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Summary is AI Generated. Newsroom Reviewed
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The Nifty 50 index is consolidating, forming an “Inside Bar” indicating market indecision
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Resistance lies near 26,050–26,100, with key support at 25,850–25,700 levels
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BankNifty trades above support at 58,470, with resistance near 59,700–60,000 points
The Nifty 50 index hasn’t shown strong movement recently, forming an “Inside Bar” on the weekly chart, which signals indecision, according to analysts.
The blue-chip index faced resistance near the 20-day and 50-day moving averages even as it has crossed the 20-day average, according to Osho Krishan, technical and derivative research analyst at Angel One.
On the upside, a clear breakout above 26,050–26,100 could give bulls some relief and potentially lead the index toward its record zone of 26,300–26,325, Krishan said.
On the downside, the 25,850–25,800 range should act as short-term support, while the key support level remains around 25,700, which has held firm for the past two weeks, he said.
From a technical perspective, the Nifty remains locked in a consolidation phase, with the broader range demarcated between 26,220 on the upside and 25,700 on the downside, according to Dhupesh Dhameja, derivatives research analyst at SAMCO Securities.
In the near term, Indian equity markets are expected to remain sensitive to global macro developments in the absence of major domestic triggers.
Nifty Bank
The Bank Nifty index settled 0.3% higher at 59,069 on Friday.
Amol Athawale, VP of technical research at Kotak Securities said the key support zones are 58,700 and the 50-day SMA, around 58,470.
"As long as it trades above these levels, the bullish sentiment is likely to continue. On the higher side, 59,700–60,000 could be immediate resistance areas for traders. However, if it falls below the 50-day SMA or 58,470, the uptrend would become vulnerable," he said.
Market Recap
India's benchmark indices closed on a strong note on Friday, snapping a four-day losing streak. The recovery was driven by positive global cues after softer than US inflation data, which improved global risk appetite.
The Nifty settled 150.85 points or 0.58% higher at 25,966.40 and the BSE Sensex added 447.55 points or 0.53% to 84,929.36.
For the week, the Nifty fell 0.3%, extending to decline to the third week.
On the sectoral front, all sectors traded with a positive bias. Major contributions came from Nifty Realty, Auto, Healthcare, and Chemicals, while other sectors also posted modest gains.
The broader market outperformed the benchmark indices, with the Nifty Midcap rising 1.20% and the Nifty Small cap gaining 1.34% at the close.
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