- The NIFTY index kicked off the week on a strong note, opening with a gap-up of nearly 550 points at 23,368.35 due to positive global cues and tariff updates. Throughout the week, it maintained its bullish tone, consistently trading above its 200 EMA (23,366.30). Building on the rebound from the previous week, NIFTY posted an impressive weekly gain of 4.48%, marking a decisive follow-through that underscores the strength of the current rally. This sustained uptrend reflects growing investor confidence and reinforces the prevailing positive sentiment in the market.
- On the daily chart, NIFTY has been trading above both its 100 and 200 EMAs since last week, further indicating strong upward momentum. From a momentum perspective, the RSI stands at 62.57, supporting the ongoing bullish sentiment.
- Looking ahead, immediate resistance is seen at 24,000, followed by the next target at 24,200. On the downside, key support levels are at 23,366 (aligned with the 200 EMA) and 23,000 (aligned with the 50 EMA).
| LTP | R1 | R2 | S1 | S2 |
|---|---|---|---|---|
| 23,851.65 | 24,000 | 24,200 | 23,350 | 23,000 |
