Indian markets concluded the week on a strong note, with the Nifty index closing with a gain of 390.20 points (+1.65%) after trading within a defined range of 371 points. According to The Economic Times, the benchmark index showed resilience by defending key support levels while maintaining a positive bias throughout the week. India VIX declined 11.89% to 12.97, reflecting improved risk appetite and reduced near-term uncertainty among investors.
From a structural perspective, The Economic Times reports that Nifty continues to remain trapped inside a broad trading range with resistance at the 20-week MA at 24,027. The index has resisted this key level and remains below the 100-week and 50-week moving averages at 24,511 and 24,832 respectively. The area between 24,500 and 24,850 remains a significant supply zone that coincides with multiple technical resistances, including key moving averages. Recent technical analysis suggests key near-term support is clustered around the 25,100 area, then 24,900 to 25,000, while resistance is seen around 25,620 and then the 26,000 to 26,100 region if a breakout extends.
According to The Economic Times, the coming week, being a truncated four-day trading week due to the Muharram holiday on Friday, may begin on a stable note with stock-specific action dominating. Immediate resistance levels are expected at 24,250 and 24,400, while supports are likely to come in at 23,850 and 23,700. The weekly RSI stands at 47.49 and remains below the neutral 50 mark, showing no meaningful divergence against price. Recent market analysis suggests the better approach is to treat Nifty as a buy-on-dips market rather than a chase-the-rally market, with stronger confirmation coming from a sustained close above resistance. Market participants are advised to avoid aggressive positions until a clear breakout occurs.
As reported by The Economic Times, Nifty Media, Midcap 100, and Energy Sector Indices are the only three Indices inside the leading quadrant on Relative Rotation Graphs. The Nifty Metal and PSE Indices are inside the weakening quadrant, while Pharma and Infrastructure Indices are also inside the weakening quadrant but improving on relative momentum. IT, Auto, and Financial Services Index stay inside the lagging quadrant, and the Realty and FMCG Indices are inside the improving quadrant. The Nifty Metal and PSE Indices are inside the weakening quadrant, while Pharma and Infrastructure Indices are also inside the weakening quadrant but improving on relative momentum. IT, Auto, and Financial Services Index stay inside the lagging quadrant, and the Realty and FMCG Indices are inside the improving quadrant.
