The Nifty 50 ended last week on a positive note, closing above its recent trading range despite witnessing sharp profit booking in the final hour of Friday’s session. The benchmark index settled at 24,270.85, marking its highest closing level since May 7, suggesting that the broader market structure remains intact heading into Monday’s trading session.
The breakout comes after the Nifty spent nearly two weeks moving within a narrow range. Although the index gave up almost 100 points from its intraday high after failing to sustain its gap-up opening, analysts believe the overall trend remains positive. Market participants will now watch closely to see whether Monday brings fresh buying momentum or whether the index slips back into its previous consolidation zone.
Late Selling Fails To Derail Positive Daily Trend
The Nifty opened higher on Friday but spent most of the session trading within the first hour’s range. Selling pressure intensified during the closing stages of trade, dragging the benchmark lower and resulting in a red candlestick on the daily chart, with the index ending below its opening level.
Despite the late decline, the Nifty continued to maintain a pattern of higher highs and higher lows, indicating that the broader uptrend remains intact.
Weekly Charts Signal Strengthening Market Momentum
The weekly chart painted a more encouraging picture for bulls. The Nifty formed a green candle and closed above the previous week’s high, effectively ending the indecision that had dominated the past two weeks.
Trading volumes during the week were also robust, finishing above the 20-week average and registering the highest weekly volume in the past month.
Another positive technical development is the 10-week moving average, which is approaching a crossover above the 20-week moving average—a signal often viewed as bullish by market participants.
Overall, the weekly charts suggest the market has successfully moved out of its range-bound phase and entered a technically stronger setup.
Key Support And Resistance Levels For Monday
The immediate support for the Nifty lies in the July 3 gap zone between 24,195 and 24,252.
Below that, the 100-day moving average near 24,100 remains an important support level. As long as the index stays above this mark, analysts expect the broader uptrend to remain intact, with any declines likely to attract buying interest.
On the upside, immediate resistance is placed in the 24,355–24,380 range. A decisive breakout above this zone could pave the way for the index to test 24,482, which marks the swing high recorded on May 7, 2026.
Momentum Indicators Continue To Improve
Technical momentum indicators also continue to favour the bulls.
- The 14-period Relative Strength Index (RSI) on the daily chart has crossed above 60, indicating strengthening momentum.
- The weekly RSI has also moved above the 50 mark.
- The weekly MACD histogram continues to strengthen.
- On the daily chart, the MACD has crossed above the zero line, reinforcing the view that short-term momentum has turned positive.
These indicators collectively suggest that the market’s technical setup has improved significantly in recent sessions.
Stock To Watch: Cosmo First
Among individual stocks, Cosmo First emerged as one of Friday’s standout performers, gaining more than 6% on strong trading volumes.
Volumes on the NSE were higher than both the 10-day and 30-day averages, reflecting renewed investor interest.
Technically, the stock is nearing a breakout from a saucer-like chart pattern that has developed over the past month. It is also trading comfortably above its key short-term and long-term moving averages, indicating continued strength.
Technical Outlook For Cosmo First
Several technical indicators remain supportive:
- Bollinger Bands have begun expanding, signalling increasing volatility in favour of the current uptrend.
- The daily 14-period RSI has entered the super-bullish zone.
- The daily MACD remains in an uptrend after rebounding from its nine-period average.
The Rs 862–Rs 865 zone remains a crucial level to watch. If the stock sustains above this range, analysts expect it to move towards Rs 924 and Rs 955.
For risk management, Rs 802 has been identified as the suggested stop-loss level.