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Nifty eventually closed at 24,175.65, registering a mild weekly loss of 76.35 points (-0.31%). The index continues to consolidate within its established range, with the 23,900–24,000 zone remaining an important support area. On the upside, a significant cluster of moving averages continues to restrict meaningful gains. The coming week is likely to see a quiet to cautiously positive start, although the broader trading range may continue to dominate price action. Immediate resistance is expected at 24,330 and 24,500, while supports are likely at 24,000 and 23,900. The weekly RSI stands at 49.11, remaining neutral and showing no meaningful bullish or bearish divergence against price. The weekly MACD remains below the zero line but above its signal line, while the positive histogram indicates that downside momentum has moderated. The latest weekly candle has a relatively small bearish body but does not indicate indecision. Pattern analysis also continues to point to an extended consolidation. Nifty remains below a key long-term moving-average cluster, with the 100-week MA at 24,428, the 200-DMA at 24,652 and the 50-week MA at 24,729. Their proximity creates a formidable 24,400–24,750 resistance zone, making this area crucial for any sustainable breakout. On the downside, the 23,900–24,000 zone continues to provide an important floor. Until either side is decisively breached, the existing range should be respected. Given this setup, aggressive directional exposure may not be rewarding while Nifty remains trapped within its defined boundaries. Fresh buying should remain selective and stock-specific, particularly as the index approaches the overhead moving-average cluster, while existing gains should be protected at higher levels. Conversely, short positions should not be chased while the 23,900–24,000 support zone remains intact. The preferred approach for the coming week is therefore to remain selective, keep position sizes measured and wait for a confirmed breakout or breakdown before adopting a stronger directional view. In our Relative Rotation Graphs® analysis, we compared various sectors against the CNX500 (Nifty 500 Index), which represents over 95% of the free-float market capitalisation of all listed stocks. The Nifty Pharma Index is in the weakening quadrant but is showing an improvement in relative momentum. The Midcap 100 Index is also in the weakening quadrant and may see some continued slowdown in its relative performance. The Nifty Infrastructure and Energy indices remain in the lagging quadrant. The Metal and PSE indices are also in the lagging quadrant but are showing a sharp improvement in relative momentum against their benchmark. The Nifty Financial Services, Nifty Bank, IT, Services Sector and PSU Bank indices are in the improving quadrant. Among these, the IT Index is showing strong rotation and is likely to continue doing so. (Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above chart, they show relative performance against the Nifty 500 Index (broader markets) and should not be used directly as buy or sell signals.) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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