The Nifty 50 ended last week above its recent trading range despite late-session profit booking, signalling that the broader market structure remains intact ahead of Monday's trade. According to reports from Essential Business Intelligence, the benchmark closed at 24,270.85, its highest closing level since May 7, after breaking out of the range that had held it for nearly two weeks. The breakout comes even though the index surrendered nearly 100 points from the day's high after failing to sustain its gap-up opening.
The weekly chart showed a green candle, with the Nifty closing above the previous week's high and erasing the hesitation seen over the preceding two weeks. As reported by Essential Business Intelligence, weekly trading volumes were above the 20-week average and reached their highest level in the past four weeks. The 10-week moving average is also nearing a crossover above the 20-week average, a development viewed as a positive technical signal. The July 3 gap between 24,195 and 24,252 is expected to serve as the immediate support zone, with the 100-day moving average near 24,100 remaining the next important support level.
On the upside, immediate resistance lies in the 24,355-24,380 range. According to Essential Business Intelligence, a sustained move above that zone could pave the way for an advance towards 24,482, the swing high recorded on May 7, 2026. Momentum indicators have continued to improve, with the daily 14-period Relative Strength Index (RSI) crossing above 60, while the weekly RSI has moved above 50. The weekly MACD histogram points to strengthening momentum, and the daily MACD has crossed above the zero line, supporting the view that the short-term trend has turned more favourable.
As reported by Essential Business Intelligence, Cosmo First rose more than 6% on Friday, supported by higher trading volumes that exceeded both the 10-day and 30-day averages on the NSE. The stock is approaching a breakout from a saucer-like pattern that has developed over the past month and is trading above key short-term and long-term moving averages. Technical indicators remain supportive, with Bollinger Bands starting to expand and the daily 14-period RSI shifting into the super-bullish zone.
