NAGARAJ SHETTI
SENIOR TECHNICAL RESEARCH ANALYST, HDFC SECURITIES
Where is Nifty headed this week?
A negative candle was formed on the daily chart on Friday, indicating an attempt to break down below immediate support. On the weekly chart, Nifty formed a third consecutive bearish candle. The previous decisive upside breakout from last month’s larger range has been negated as Nifty slipped below the crucial 25,000 mark. There is a probability of Nifty sliding down to the next important support at 24,500 in the coming week. Any pullback rally could encounter strong hurdles around 25,200.Trading strategies for the week: With markets in a downtrend, fresh short positions are advised in the index and select stocks. Any pullback rally towards 25,200 could present a sell-on-rise opportunity. Partial profit-booking may be considered around the downside target of 24,500 in the next 1–2 weeks. However, any sharp bounce above 25,250 could be a red flag for shorts and an opportunity to square off. Shorts can be created in Bank Nifty, infrastructure, public sector enterprises, energy, and IT sectors. Some stocks with a negative bias include Axis Bank, Federal Bank, CG Power and Industrial Solutions, Samvardhana Motherson International, Hindustan Petroleum Corporation, Bharat Petroleum Corporation, Infosys, LTIMindtree, Coforge, and Power Finance Corporation.
Agencies
SACCHITANAND UTTEKAR
VP, RESEARCH, TRADEBULLS SECURITIES
Where is Nifty headed this week?
Last week, the Nifty slipped below its crucial 5-week EMA support of 25,130 for the first time in nearly four months, making this a key resistance level going forward. The weekly ADX remains flat at 21, and RSI holds steady at 56, reflecting indecision. Notably, the last three weeks’ price action is contained within the weekly candle ended June 27, forming a potential ‘rising three’ continuation pattern, with confirmation above 25,255. On the daily chart, Nifty is trending near a vital support zone: the 50-DEMA at 24,930, Fibonacci supports at 24,920 (61.8%) and 24,800 (78.6%), and 5-month EMA at 24,680. These suggest likely rebound if Nifty sustains above 24,930 on closing basis. A sustained breach below this may lead to deeper retracement toward 20-week EMA near 24,540.
Trading strategies for the week:
Retaining buy-on-dips strategy is ideal, with aggressive longs to be considered above 25,550, a key breakout level. If correction deepens, it should be viewed as an opportunity for staggered accumulation at key support levels. Top picks are SBI, Bajaj Fin, Hero MotoCorp, Torrent Pharma, Coal India, NMDC, Tata Steel, UltraTech, Dalmia Bharat, Alkem Labs, Tata Power, Varun Beverages, Tata Consumer.
MEHUL KOTHARI
DEPUTY VICE PRESIDENT, TECHNICAL RESEARCH, ANAND RATHI SHARES AND STOCK BROKERS
Where is Nifty headed this week?
Nifty ended the week on a weak note after breaching the psychological 25,000 mark and closing near a crucial rising trendline support. While this signals shortterm weakness, a decisive move below 24,900 would confirm an extended correction. Without such a move, a quick pullback above 25,000 could occur, but this may only be a temporary bounce. The broader structure remains tricky, and unless the 25,800 resistance—a key supply zone—is taken out, the market is unlikely to resume a sustained uptrend.
Trading strategies for the week:
Given the uncertain backdrop, traders should remain cautious and avoid aggressive positions. Sustainable long trades should only be considered above 25,800, which would signal strength returning to the broader trend. In Bank Nifty, weakness continues as long as it stays below 57,000, with breakdown possibilities below 56,000 that could drag it toward 54,500–54,000. Meaningful allocations should wait until the market breaks out of this indecisive range with conviction.
