Nifty’s Bull Run: Top Gainers, Supports & Strategy
Technical Overview
Benchmark indices witnessed an encouraging bullish trend last week. Nifty closed 2% up, while Sensex gained 1,650 points.
Sectoral Performance
| Sector | Weekly Change |
|---|---|
Capital Markets | +5% |
Metals | +5% |
Realty | -1.80% |
Defence | -1.00% |
Despite strong market sentiment, profit booking was witnessed in Realty and Defence indices.
During the week, the market successfully crossed the crucial resistance zone of 25,300/82,700, and post breakout, it further accelerated its positive momentum.
Weekly Chart Pattern
- Formed a long bullish candle → Largely positive
- Maintaining an uptrend continuation pattern on both daily and intraday charts
- Trading comfortably above short-term averages → Positive signal
Key Technical Levels
| Indicator | Range |
|---|---|
Crucial Retracement Support | 25,500-25,300 / 83,300-82,700 |
Immediate Resistance | 25,850 / 84,400 |
Potential Upside Target | 26,000-26,150 / 84,800-85,250 |
Breakdown Point | Below 25,200 / 82,700 → Uptrend could weaken |
Short-Term Strategy:
- Ideal strategy: Buy on dips, sell on ups
- If the market dips below 25,200/82,700, the uptrend could weaken
Bank Nifty Snapshot
| Particular | Range |
|---|---|
Support Zone | 57,000 – 56,700 – 56,500 |
Resistance Levels | 57,700 – 58,000 – 58,200 |
Bank Nifty breakout formation on daily and weekly charts supports further upside from current levels.
Daily Strategy for Traders
- Buy Nifty at support: 25,500 / 25,350
- Stop Loss: 25,200
- Profit Taking Zone: Between 25,700-25,750 (Expect consolidation)
Derivative Overview
Market Recap
Nifty traded in a narrow range between 25,525–25,650 and ended with a 0.35% gain. Nifty Midcap 100 underperformed, rising 0.27%.
Options Market Insights
| Parameter | Value |
|---|---|
Significant Call OI | 26,000 Call |
Significant Put OI | 25,500 Put |
Put-Call Ratio (PCR) | 1.20 |
Max Pain | 25,550 |
VWAP Range | 25,455 – 25,765 |
Sentiment | Mild Bullish Undertone |
- Slightly higher Put writing vs. Call writing indicates a mild bullish undertone.
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