The NSE Nifty 50 has found support at 25,550-25,350 levels, according to Amol Athawale, vice president of technical research at Kotak Securities.
"However, below 25,350, the uptrend would become vulnerable," Athawale said.
The Nifty, on the weekly chart, has formed a sizable bull candle with a higher high and higher low, signalling continuation of the up move, according to Bajaj Broking Research.
The benchmark Nifty outperformed broader market indices. The indices gain for the third consecutive week.
"The index is in the process of generating a breakout above a falling supply line, joining the major highs of September 2024 and June 2025 signaling strength and continuation of the up move," Bajaj Broking Research said.
Athawale identified 26,000 and 26,300 as the crucial resistance levels for the bulls. However, below 25,350, the uptrend would become vulnerable, he said.
"We expect the index to head towards 25,900 and then towards 26,200 levels in the coming weeks being the 123.6% and 138.2% external retracement of the last three months' corrective decline (25669-24338)," analysts at Bajaj Broking Research said.
The recent breakout area of 25350-25450 is likely to reverse its role and act as key support in the coming week, they added. The analysts recommended that the upcoming truncated week should be seen as a buying opportunity.
Bank Nifty formed a strong bull candle with a higher high and higher low signaling strength, according Bajaj Broking Research.
"Going ahead, bias remains positive and index to head towards 58,500 and 59,000 levels in the coming sessions. With immediate support placed at 57000-56700 levels being the recent low and recent gap area," the firm said.
Market Recap
The benchmark indices outperformed broader market indices on Friday. The Nifty 50 gained for the third consecutive week. With Nestle India Ltd. and Asian Paints Ltd. were the top gainers.
Nestle India and Asian Paints gained over 7% for the week. All sectors indices end on a mixed note.
Currency Update
The rupee declined seven paise to close at 88.03 against the US dollar on Friday.
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