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NIFTY WEEKLY OUTLOOK 07-11-2026

The Nifty index started the week with a strong gap-up opening at 23,222.30 and witnessed sustained buying interest throughout the week, with all five trading sessions ending in positive territory. The strong upward momentum continued across sessions, taking the index to a weekly high of 25,030.35, where it eventually settled, registering a sharp gain of 1,977.25 points (+8.58%) for the week. The strong weekly close near its high reflects aggressive buying interest and a significant improvement in overall market sentiment.

The weekly chart has formed a strong bullish Marubozu candlestick, indicating broad-based buying dominance throughout the week. Nifty has also given a decisive breakout above its multi-month falling trendline resistance and reclaimed its previous weekly swing high, signalling a potential shift in the broader technical structure. Importantly, the index has moved above both its 50-Week EMA and 200-Week EMA, further strengthening the bullish setup.

From a momentum perspective, the weekly RSI has surged to 60.94, moving above the neutral 50 mark as well as its average near 43.97. This sharp improvement in RSI reflects strengthening bullish momentum and confirms the positive shift in the weekly momentum structure.

Sector-wise, market participation was exceptionally strong, with all major sectoral indices closing in positive territory. Nifty Financial Services emerged as the top-performing sector, gaining 10.41%, closely followed by Nifty Realty, which advanced 10.17%. Nifty Auto, Bank, Metal, FMCG and Energy also registered gains of more than 5%, reflecting widespread buying interest across sectors. Among Nifty 50 constituents, Shriram Finance was the top gainer, rising 16.76%, followed by Bajaj Finance and M&M, both gaining over 15% during the week.

Technically, Nifty has witnessed a significant improvement in its weekly structure after breaking above the falling trendline resistance and reclaiming the previous swing high. The strong bullish candle, accompanied by a sharp rise in RSI, indicates strengthening upside momentum. With the index now sustaining above its 50-Week EMA near 23,994 and 200-Week EMA near 22,425, the broader technical setup has turned constructive. However, after such a sharp weekly rally, some intermittent profit booking or consolidation cannot be ruled out.

On the upside, immediate resistance is placed at 25,350 and 25,800. A sustained move above this zone could extend the ongoing bullish momentum towards higher levels. On the downside, immediate support is seen in the 24,000–24,400 zone, which will be crucial for maintaining the current breakout structure. Any corrective move towards this support region may attract buying interest, provided the index continues to hold above the breakout zone. Traders may maintain a positive bias while following a selective approach and monitoring potential profit booking after the sharp rally.

Support Levels :- 24,000 - 24,400

Resistance Levels :- 25,350 - 25,800

Overall Bias :- Bullish

BANKNIFTY WEEKLY OUTLOOK 07-11-2026

Bank Nifty opened the week on a mildly positive note at 54,837.20 and witnessed strong buying interest throughout the week, maintaining consistent upward momentum. The index registered five consecutive positive trading sessions, with most sessions closing near their respective highs, reflecting sustained buying participation. Bank Nifty witnessed a sharp rally and eventually closed at 59,086.00, gaining 4,399.05 points (+8.04%).

The weekly price action reflects a strong bullish breakout, with the index forming a long bullish candle and closing near its weekly high, indicating strong buying dominance. Importantly, Bank Nifty has decisively moved above its 50-week EMA, currently placed around 56,314, and also broken above the falling trendline resistance, improving the broader technical structure. The 200-week EMA, near 50,847, continues to maintain a positive long-term trend. The Weekly RSI has surged to 60.18, moving above the neutral 50 mark and its average line, indicating strengthening bullish momentum.

Sectorally, the Nifty Private Bank Index outperformed with a strong gain of 9.06%, while the Nifty PSU Bank Index advanced around 4.59%, indicating broad-based buying across banking stocks. Among Bank Nifty constituents, HDFC Bank emerged as the top gainer, rising 13.78%, while Federal Bank was the least performer, gaining just 0.12% during the week.

Going ahead, Bank Nifty maintains a bullish bias following the decisive breakout and strong weekly close. However, after the sharp rally, some intermittent profit booking cannot be ruled out. Sustaining above the 57,500–58,300 support zone would be important to maintain the positive momentum, while the index could move towards the 59,700–60,200 resistance zone in the coming sessions.

Support: 57,500–58,30

Resistance: 59,700–60,200

Overall Bias: Bullish

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