Nifty Weekly Outlook: Charts Hint At More Upside If 25,500 Breaks

Indian equity markets gained ground with a 1% rally last week, with the Nifty index closing above the 25,300 mark, marking its third straight week of positive momentum. 

 SEBI-registered analyst Mayank Singh Chandel noted that from its recent low of 24,404, Nifty has surged more than 1,000 points in just 15 trading sessions, supported by broad-based participation. Even the broader markets mirrored the optimism with Nifty Midcap and Smallcap 100 indices extended their winning streak to 11 consecutive sessions, 

Technical Outlook

He said that the Nifty index saw a clear W-pattern breakout on the daily chart, which has set the tone for further gains. The index continues to sustain above key moving averages, with the weekly Relative Strength Index (RSI) at 59, confirming underlying strength. 

On the downside, Chandel identified immediate support at 25,200–25,150 zone as the first line of support. This also coincides with the 23.6% Fibonacci retracement of the latest rally (24,404–25,448). Below this, 24,800 is seen as the level to watch for any meaningful reversal. On the upside, the index faces a crucial hurdle at 25,450–25,500. A decisive breakout here could unlock the next leg of the rally. 

Key Levels To Watch 

• Support: 25,200–25,150 / 24,800 

• Resistance: 25,450–25,500 / 25,700–26,000 

Market Weekly Outlook

He believes that the overall market setup remains firmly bullish, with all moving averages and momentum indicators aligned with the uptrend. While a minor pullback cannot be ruled out, such dips are likely to be buying opportunities as long as Nifty defends the 25,200 mark. 

According to Chandel, a sustained move beyond 25,450–25,500 could pave the way toward 25,700 in the short term and potentially even 26,000, offering a festive cheer for investors.

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