Here’s a rewritten version of the article, focusing on verifiable facts and a breaking-news lead with evergreen context:
Nifty Holds Key Support as Market Eyes Further Upside; Bank Nifty Shows Resilience
Mumbai: The Indian equity markets, specifically the Nifty and Bank Nifty indices, have demonstrated strength by closing above crucial monthly support levels, signaling a perhaps positive short-term outlook. The Nifty concluded the week above the 24,800 mark, while the bank Nifty settled above 56,000, reinforcing underlying bullish sentiment.
Nifty’s consolidation and Support Levels
the Nifty index has been trading within a consolidation zone between 24,800 and 25,200. Derivatives data indicate strong support at the 24,800 level, evidenced by the highest put Open Interest (OI) concentration at this price point. This suggests a potential buying chance on any dips towards this level. On the upside, immediate resistance is observed at 25,000 and 25,200, where the highest Call Open Interest is recorded. A decisive move above 25,200 is considered a prerequisite for confirming a sustained upward trend. Until such a breakout occurs, a stock-specific trading strategy is recommended.
Bank Nifty’s Upward Trajectory
Despite experiencing some profit booking, the Bank Nifty index managed to post a weekly gain of 0.30%, closing at 56,528. The index has established a solid support base at the 56,000 level. As long as this support holds,the Bank Nifty is positioned for a potential advance towards the 57,500-58,000 range in the near term.
Market Outlook and Trading Recommendations
both Nifty and Bank Nifty have successfully maintained their positions above key monthly support levels, bolstering a bullish bias. Though, immediate resistance at 25,600 for the Nifty and 58,000 for the Bank Nifty will be critical in determining the short-term direction. A confirmed breakout above these resistance levels could pave the way for further gains, while a failure to do so might lead to continued range-bound trading.Investors are advised to maintain a cautious yet positive stance, focusing on the identified support levels and adopting a stock-specific approach until broader market confirmation of an upward move emerges.
Recommended Trades:
Glenmark Pharmaceuticals: Buy between ₹2145-2150 with a stop loss at ₹2100 and a target price of ₹2200.
Tata Chemicals: Buy between ₹935-940 with a stop loss at ₹920 and a target price of ₹980.
TVS Motor Company: Buy between ₹2770-2780 with a stop loss at ₹2720 and a target price of ₹2850.
Disclaimer: The views and recommendations presented are from individual analysts and broking firms. Investors are advised to consult with certified financial experts before making any investment decisions.*