The equity benchmarks had a strong session on Friday powered by quarterly earnings for the first lap of the current fiscal and ended in the green. Analysts anticipate Nifty's bullish bias to continue in the coming week.
"Indian equities are expected to witness a gradual uptrend next week, on the back of a strong Q1FY27 earnings season so far, which is likely to remain the key driver of sectoral and stock-specific performance," said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services.
On Saturday, heavyweights like HDFC Bank, Punjab National Bank, ICICI Bank, and Kotak Mahindra Bank posted their quarterly numbers which will help set the equity arena on Monday.
ALSO READ: Punjab National Bank Q1 Results: Net Profit Triples Even As Provisions Rise; NII Up 2%
Accordingly, the immediate resistance for Nifty is placed in the 24500-24550 zone, which coincides with the previous swing high. On the flipside, the immediate support for Nifty is placed in the 24,200-24,150 zone.
If Nifty breaks through the resistance levels the pullback can extend towards 24,700, according to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
Nifty Bank
Bank Nifty opened on a positive note and extended its rally, led by strong buying in banking heavyweights. Going ahead, bank earnings will dictate investor appetite.
The immediate resistance for Bank Nifty is placed in the 58,700-58,800 zone, which coincides with its previous swing high zone, as per Shah from SBI securities.
Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 59,200, followed by 59,600 in the short term. On the downside, the immediate support for Bank Nifty is placed in the 58100-58000 zone.
Market Recap
Nifty 50 and Sensex gained 0.6% each for the week. On Friday, Nifty rose 1.09% or 261.55 points to 24,334.30, while Sensex climbed 1.25% or 964.58 points to 78,151.45.
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