Indian Stock Market Weekly Review

The Nifty 50 index ended the week on a weak note, pressured by negative global cues and escalating geopolitical tensions. The index declined by nearly 3% to close at 24,450.

Sectoral Performance

The market witnessed broad-based selling, with Oil & Gas, Realty, Cement, and Automobile stocks tumbling more than 5% each during the week. However, the Chemical sector stood out as the only segment to close in the green, gaining nearly 3% despite the broader market weakness.

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Technical Analysis

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, believes the Nifty 50 index is in a weak bias, as it has decisively broken below the 200-DEMA. A decisive and sustained close below this level could intensify selling pressure.

Nifty 50 Index Outlook

The Nifty 50 index faces a strong hurdle around 25,300, which coincides with the 200-day EMA. Resistance is likely to emerge in the 25,000–25,300 zone during the upcoming week. The index is also likely to trade within the 23,800–25,200 range in the coming weeks unless a decisive breakout occurs.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Bank Nifty Index Outlook

The Nifty Bank index is facing immediate resistance near 59,000, where the highest Call open interest is concentrated, while the 56,000 level is expected to act as immediate support.

Stock Recommendations

Ganesh Dongre of Anand Rathi recommended the following buy-or-sell stocks:

1. Vedanta: Buy at ₹720 to ₹725, Target ₹760, Stop Loss ₹700
2. Cipla: Buy at ₹1320 to ₹1330, Target ₹1380, Stop Loss ₹1290
3. Indian Bank: Buy at ₹930 to ₹940, Target ₹990, Stop Loss ₹900