WEEKLY MARKET OUTLOOK –BULLS HOLD CONTROL, KEY RESISTANCES AHEADNIFTY 50 – RECOVERY CONTINUES
Nifty closed at 23,622, up 256 points from the previous week's close.
Weekly High: 23,645 | Weekly Low: 23,070
As highlighted last week, a break below 23,151 could lead to a retest of lower supports. Nifty tested 23,070, found buyers, and bounced strongly while remaining inside the projected range of 23,950–22,750.
The recovery remains intact, but the next phase will depend on how price behaves near key resistance zones.
NIFTY – LEVEL MAP
Immediate Resistance
24,000 (Psychological Level)
A sustained move above 24,000 can open the path toward:
24,200
24,400
Key Support
23,300
Hourly close below 23,300 can bring sellers back into the market and increase the probability of testing:
23,200
23,150
Expected Range Next Week
24,200 – 23,150
A break beyond either side of this range can trigger a fast directional move.
NIFTY BULL TRIGGER
Strong weekly close above 24,400
If achieved:
Market structure improves significantly
Higher timeframes begin turning constructive
Probability of retesting the ATH zone near 26,400 increases
FEAR, GREED & MARKET PSYCHOLOGY
As markets recover, we are likely to hear more positive headlines—India-US trade developments, easing geopolitical tensions, and improving sentiment.
While positive news can support higher prices, price action remains the final authority.
Remember the old market saying:
Be greedy when others are fearful, and fearful when others are greedy.
The trend is improving, but risk management becomes increasingly important as optimism rises.
BANK NIFTY – LEADING THE RECOVERY
Last week, I highlighted the relative strength in Bank Nifty, and the index rewarded bulls with an impressive 5% rally.
Bank Nifty closed around 2,300 points higher and near the weekly high, indicating strong buying interest.
Key Trigger
👉 Sustain above 57,000
If achieved:
57,500
58,000
become the next upside levels.
Bank Nifty continues to lead the market, and strength above 57,000 could become the catalyst for Nifty's move toward higher resistance zones.
Key Support
👉 Day close below 55,060
Can invite fresh selling pressure.
Until then:
👉 Buy-the-dip remains the preferred strategy.
Expected Range
👉 58,000 – 55,600
S&P 500 – DEMAND REMAINS STRONG
S&P 500 closed at 7,431, around 50 points higher than the previous week.
Weekly High: 7,483
Weekly Low: 7,237
The index formed a long-legged Doji, suggesting strong demand from lower levels and continued participation by buyers.
Bullish Trigger
👉 Strong weekly close above 7,580
Can open the path toward:
7,677 (Important Fibonacci Level)
Bearish Trigger
👉 Weekly close below 7,335
Can increase the probability of testing:
7,060
6,838
At present, this remains a lower-probability scenario, but it should not be ignored.
FINAL VIEW
Nifty: Recovery intact, resistance near 24,000–24,400
Bank Nifty: Leading the market
S&P500: Demand remains strong
Market structure: Improving, but confirmation still pending
👉 The path of least resistance currently remains upward, but confirmation above key resistance zones is still required.
Trade levels.
Respect risk.
Let price confirm the story.
