The Indian market's recent uptrend appears to be losing momentum, as the benchmark Nifty index extended its decline for the third consecutive week, ending just below the important 25,000 mark.
This pullback has been largely driven by weakness in the Financial and IT sectors, with major players like
TCS , 
HCLTECH , and 
AXISBANK posting disappointing earnings.
From a technical perspective, the index is now approaching a key support zone near 24,900. A decisive break below this level could open the door for a further slide towards 24,500.
Open Interest (OI) data reinforces this view, with the 25,000–24,900 zone seeing the highest put writing, marking it as an immediate support area. On the upside, strong call writing at 25,100 and 25,200 on Friday suggests these levels will act as immediate resistance.
Given the current structure, the outlook for the coming week remains neutral to bearish.
Traders are advised to stay cautious, manage risk effectively, and keep a close watch on these crucial levels.
This pullback has been largely driven by weakness in the Financial and IT sectors, with major players like
TCS , HCLTECH , and AXISBANK posting disappointing earnings.From a technical perspective, the index is now approaching a key support zone near 24,900. A decisive break below this level could open the door for a further slide towards 24,500.
Open Interest (OI) data reinforces this view, with the 25,000–24,900 zone seeing the highest put writing, marking it as an immediate support area. On the upside, strong call writing at 25,100 and 25,200 on Friday suggests these levels will act as immediate resistance.
Given the current structure, the outlook for the coming week remains neutral to bearish.
Traders are advised to stay cautious, manage risk effectively, and keep a close watch on these crucial levels.
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🌐 goodluckcapital.com
🎖️ SEBI registered INH300006582
🎖️ CMT(usa) & CFTe(usa) chartered
🎖️ NSE certified professionals
📈 Trading and Investment Advice
t.me/GoodluckCapital
🤝 Contact Us
bio.link/GoodluckCapital
🎖️ SEBI registered INH300006582
🎖️ CMT(usa) & CFTe(usa) chartered
🎖️ NSE certified professionals
📈 Trading and Investment Advice
t.me/GoodluckCapital
🤝 Contact Us
bio.link/GoodluckCapital
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.