- NSE Nifty 50 likely to maintain positive bias and move towards 26,500 level soon
- Nifty shows consolidation with support at 26,000 and short-term support at 25,700-25,800
- Bank Nifty ended week bullish with support at 59,200 and resistance near 60,500
The NSE Nifty 50, which ended last week on a muted note, is likely to maintain an overall positive bias and gradually head towards the 26,500 level in the coming sessions, according to Bajaj Broking Research.
The Nifty formed a small-bodied candle with shadows in either direction, signalling consolidation amid stock-specific action near the all-time high, Bajaj Broking said.
The last two-months uptrend has remained well within a rising channel, indicating sustained demand at a higher level. Immediate support is placed at the last week breakout area of 26,000, it said.
Short-term support is positioned in the 25,800–25,700 zone, which is an important level to monitor from a short-term perspective, sustaining above which will keep the bias positive, Bajaj Broking added.
On the upside, key resistance levels for the index are seen at 26,350-26,500, according to Angel One Equity Technical Analyst Rajesh Bhosale.
Bank Nifty
The Bank Nifty had a positive end to the week with a strong bullish candlestick on the weekly chart, as per Vatsal Bhuva, technical analyst at LKP Securities. "Immediate support lies at 59,200, with positional support at 58,900, while resistance is seen at 60,000 and 60,500 levels."
"Bank Nifty formed a doji candlestick pattern with a higher high and a higher low, signaling continuation of the positive momentum. The index in the process formed a fresh all time high of 59,897", Bajaj Broking added.
Markets Recap
The Nifty closed flat at 26,202.95 on Friday. The Nifty top gainers included Mahindra & Mahindra Ltd. and Sun Pharmaceutical Industries Ltd.
Nifty auto remained the top sectoral gainer, of which top gainers included M&M and Exide industries. While all sectoral indices ended on a mixed note
The Indian rupee weakened 16 paise to 89.47 against US Dollar at close. Intraday, the local currency hit a record low of 89.49 a dollar.
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