Nifty​

NIFTY: 23643.50 In our previous update, we had mentioned that Nifty could witness a choppy, volatile, and range-bound move with upside resistance placed at 24400 – 24580, while downside support was seen at 23800 – 23850. We had also highlighted that a sustained move above 24400 could extend gains towards 24600 – 24800, whereas a break below 23800 could drag the index lower towards 23500.

The Nifty opened the week near 24176 and initially attempted to hold above the 24000 zone, but selling pressure persisted at higher levels and the index failed to reclaim key moving averages. This weakness dragged the benchmark lower to an intraday low near 23610 before it finally settled at 23643.50 for the week.

Going ahead, the index continues to trade below its short-term moving averages, indicating that momentum remains weak despite some recovery attempts from lower levels. Immediate resistance is now placed at 23825 – 24010, which is also near the recent breakdown zone. A move above 24010 could trigger short covering and push Nifty towards 24400 / 24600. However, as long as the index remains below this hurdle, volatility and consolidation may continue. On the downside, immediate support is seen at 23475 followed by 23265. A break below 23265 could see Nifty slipping further towards 23180 / 22750.

Nifty Summary:

Upside resistance 23825 / 24010

Downside support 23475 – 23265 / 23180 – 22750

Bank Nifty​

BankNifty: 53710.35 In our previous update, we had suggested that the Banknifty had strong support at 54500 and that further declines would only be triggered on a break below this level.

The Banknifty breached the crucial 54500 support during the week, indicating weakness and confirming further downside pressure. After slipping below this key level, the index witnessed sustained selling and finally closed the week at 53710.35, reflecting a weak undertone. The index is also trading below its short-term moving averages, which suggests momentum remains under pressure in the near term.

Going forward, the 54500 zone now becomes an immediate resistance on pullbacks. As long as Banknifty remains below this hurdle, the bias is likely to stay cautious. A move above 54500 could trigger recovery towards 55750 / 56500. On the downside, immediate support is placed at 53100 followed by 52500. A break below 52500 may trigger fresh weakness and drag the index lower towards 51400 or below.

INDUSTOWER – CMP: 430.15

The most important observation on the price charts of Indus Towers is that the stock has witnessed a strong recovery from lower levels and continues to trade above its key long-term averages, indicating that the broader trend remains positive. After rallying sharply towards the 475 – 480 zone, the stock hasgiven some profit booking near resistance levels and now standing at recovery stance.

The weekly indicators and moving averages continue to remain supportive. The immediate support for the stock is now placed around 415 – 420, which also coincides with its short-term moving average zone.

Traders should look to buy on dips near current levels and add around 415-420 zone. Keep a stop below 410. On the upside, the stock price could possibly test targets of 455/ 465 in the coming few weeks.

DRREDDY – CMP: 1336.70

The most important observation on the price charts of DRREDDY is that the stock has witnessed a reversal from the cluster of 50-day, 100-day and 200-day moving averages, indicating strong support near the 1250 zone. This area is likely to remain an important base in the near term.

The momentum indicators are also supportive, with RSI taking a reversal from the 49 mark and moving above its signal line, suggesting improving bullish momentum. The overall technical setup indicates the possibility of further upside in the coming sessions.

Traders can look to buy on dips near 1295–1270 and add more closer to 1255–1250. Keep a stop loss at 1250 on a closing basis. On the upside, 1375 remains the immediate resistance, while a breakout above this level could push the stock towards 1420.