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Indian stock market: Indian equity markets ended the week on a cautious footing, extending their recent correction amid concerns over global interest-rate trends, geopolitical uncertainties and volatility linked to the introduction of the new Closing Auction Session. While a sharp recovery on Friday, led by strong buying in IT stocks on the back of positive global technology cues, offered some relief, the benchmark indices remained in the red for the third consecutive week. Over the week, the Nifty slipped around 0.31% to end at 24,175.65, while the Sensex declined nearly 0.36% to close at 77,264.51. The broader market, however, showed greater resilience, with the Midcap and Smallcap indices advancing approximately 0.52% and 0.51%, respectively. “The Nifty closed the week at 24,175, loosing 0.23% , while the Bank Nifty ended at 57,496, loosing 0.46% for the week. Sectoral performance remained broadly positive, with Metal, Information Technology and Pharma emerging as the key outperformers, each gaining nearly 4% during the week. Overall, buying interest was visible across most sectors, indicating that market breadth and investor participation remained supportive,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi. According to Dongre, derivative positioning suggests a relatively defined trading range for the Nifty for the coming expiry week. On the Put side, the highest Put OI is concentrated at 24,000, followed by 23,900, while on the Call side, the highest Call OI is visible at 24,500, followed by 24,600. This positioning indicates that the Nifty could remain range-bound between 23,900 and 24,600 during the week. A sustained move above 24,600, accompanied by Call unwinding and fresh long buildup, could improve short-term momentum and pave the way for further upside. Conversely, a decisive break below 23,900 could increase the probability of further corrective pressure. On Nifty 50's technical outlook, Dongre further added, “From a trading perspective, we continue to favour a buy-on-dips strategy, as meaningful declines are likely to attract buying interest as long as the broader support structure remains intact. The immediate support zone is placed around 23,900–24,000, while the broader medium-term support remains in the 23,500–23,600 zone. On the upside, 24,500–24,600 continues to act as the immediate resistance area. A decisive breakout and sustained close above 24,800 would be a significant technical trigger and could potentially accelerate the next leg of the broader uptrend.” The Bank Nifty also remained largely range-bound during the week and closed at 57,496. Technically, the index continues to maintain a constructive medium-term structure and remains comfortably above its important long-term EMA support around 56,300. On the Bank Nifty outlook, Dongre said, “The 57,000 level continues to act as an important psychological support, while the broader support zone is placed around 56,000–56,300. On the upside, the 58,000–58,500 resistance zone remains crucial. A decisive and sustained breakout above 58,500 would strengthen the bullish setup and could open the way towards the 60,000 mark. Until such a breakout occurs, the Bank Nifty is likely to remain in a consolidation phase.” Dongre further noted that both the Nifty and Bank Nifty continue to maintain a positive medium-term technical structure, despite recent profit booking and sideways consolidation. The current market action appears more like a healthy phase of consolidation and digestion following the earlier rally rather than a structural trend reversal. “The buy-on-dips approach remains preferable, while traders should closely monitor 24,000 and 24,500 on the Nifty, and 56,000 and 58,500 on the Bank Nifty. A sustained breakout above the respective resistance levels would provide confirmation of renewed momentum and could potentially signal the beginning of the next leg of the broader uptrend,” he said. Computer Age Management Services: Buy at ₹450-460, target price of ₹490, stop loss of ₹435. Tata Consultancy Services: Buy at ₹2330-2340, target price of ₹2420, stop loss of ₹2280. Cipla: Buy at ₹1410-1420, target price of ₹1470, stop loss of ₹1380. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions. Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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