Buy or sell: The Nifty 50 ended the week on a firm note, rising 1.19% to close at 26,387. Sectoral strength played a key role in lifting the index toward its resistance zone near 26,300, with metal, banking, automobile, finance, and pharma sectors each advancing 2–3% during the week.
Weekly market outlook
Nifty 50
As anticipated, the index continued to follow the previously identified bullish pattern, supported further by robust GDP data, which is helping the market edge closer to its next resistance range at 26,500. Technically, Nifty has closed above the crucial 26,000 support area after consistently trading above the earlier resistance band of 25,700–25,800. Fresh support is now placed at 25,700–25,600, while resistance remains at 26,300–26,500. Derivatives data also confirms this structure, with the highest Call open interest at the 26,300 and 26,500 strikes indicating key resistance, and the highest Put open interest at 25,800 and 26,000 highlighting strong support zones. The index continues to form a higher-top, higher-bottom pattern, reflecting sustained bullish momentum, and any dip toward the 25,500–25,800 region may offer attractive stock-specific buying opportunities.
Bank Nifty
Bank Nifty also maintained its positive trajectory, gaining 2.04% for the week, supported by strong participation from both PSU and private banks. The index remains well-positioned above the 57,500–58,000 support cluster, with major resistance seen at 60,000–60,500. As long as Nifty holds above 25,600 and Bank Nifty sustains above 58,000, the broader market trend is expected to stay constructive.
Conclusion
Nifty’s key resistance remains at 26,300–26,500 with support at 25,500, while Bank Nifty faces resistance near 61,000 and holds support around 58,000. Traders are advised to adopt a disciplined buy-on-dips approach in selective stocks while keeping an eye on global cues and geopolitical developments for clearer directional signals.
Weekly stocks to buy or sell
ICICI Bank: Buy at ₹1380-1390; Target Price of ₹1440; Stop Loss at ₹1360.
Steel Authority of India: Buy at ₹132-136; Target Price of ₹145; Stop Loss at ₹126.
Gail (India): Buy at ₹174-176; Target Price of ₹185; Stop Loss at ₹167.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
