WEEKLY RESEARCH NOTE

NIFTY & BANK NIFTY – RANGE WITH VOLATILITY Last week, both indices respected their key zones precisely, reinforcing the importance of demand–supply dynamics in the current market structure. NIFTY: 22713 Nifty tested its demand zone near 22100, making a low of 22182, and bounced towards 22941, but failed to sustain above 23000, indicating selling pressure at higher levels. The weekly candle formed a bullish hammer, suggesting a possible short-term bounce, while RSI at 27.88 keeps the market in an oversold zone. Going ahead, 23000 remains an immediate hurdle, while 23300–23500 is a strong supply zone. On the downside, 22100 is key support, followed by 21700. The structure still favors sell on rise, unless Nifty sustains above 23500. Bank Nifty: 51548 Bank Nifty traded within range, making a high of 52025 and low of 49954, closing at 51548. It failed to test higher resistance zones, indicating lack of strength at the top. The weekly candle shows indecision with buying interest at lower levels, pointing towards a volatile range-bound phase. 52100 is the immediate trigger level. A move above this can push the index towards 53700–54100 supply zone. On the downside, 50000 remains crucial support; a break below can extend weakness towards 49000 and lower levels. Conclusion Markets are range-bound with high volatility. • Near support → Watch for bounce • Near resistance → Sell on rise strategy A decisive move will only emerge on a breakout above resistance or breakdown below key supports.