By Vineet Kumar 
The Indian stock market ended the week on a positive note, with the Nifty 50 gaining 1.65 percent and closing near the 24,000 mark. However, the formation of a Doji candle on the weekly chart indicates indecision among market participants, suggesting that neither bulls nor bears have gained complete control.
Nifty Technical Outlook
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the market structure remains at a pivotal point. Technically, Nifty is trading above its 20-day and 50-day exponential moving averages (EMAs), while the Relative Strength Index (RSI) at 58 indicates a positive bias.
- Immediate Support: 23,850-23,800 zone. A break below 23,800 could expose 23,500.
- Key Resistance: 24,150-24,200 area. A sustained breakout could lead to 24,500.
Bank Nifty Performance
Bank Nifty extended its winning streak for the third consecutive week, outperforming benchmark indices despite a Doji candle formation on the weekly chart. All constituent banking stocks are trading above their respective 20-day and 50-day EMAs.
- Resistance: 58,000-58,200 zone. Breakout targets 59,000 and 59,600.
- Support: 57,000-57,100 zone.
Stock Spotlight: GE Vernova T&D
GE Vernova T&D has delivered a consolidation breakout on the daily chart. The stock continues to trade in a higher high-higher low formation with the 20-day EMA acting as dynamic support. As long as the stock remains above the ₹5,240-₹5,220 zone, the upmove is likely to continue.
Disclaimer: This post is strictly for educational and informational purposes only. Trading Thought is not a SEBI registered advisor. The analysis provided does not constitute financial, investment, or trading advice. Please consult with a certified financial professional before making any investment decisions.