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NIFTY WEEKLY OUTLOOK – 15th August 2026

The Nifty index started the week on a largely flat note, opening at 24,581.25 and marking the week's high of 24,620.95 during the initial trading session. Thereafter, the index remained under pressure and gradually moved lower, registering the week's low of 24,265.95 on Wednesday. Following the decline, Nifty traded in a sideways range during the latter part of the week and eventually settled at 24,366.00, down 204.65 points (-0.83%) for the week. The index remained range-bound with profit booking at higher levels and buying interest emerging near the 24,250– 24,300 zone. The weekly candle indicates a corrective move after the recent recovery, with the index facing resistance near the 24,600–24,650 zone. However, Nifty continues to hold above the rising trendline support visible on the weekly chart, keeping the broader structure in a consolidation phase rather than indicating a decisive breakdown. From a technical perspective, the weekly RSI stands at 51.60, holding above the neutral 50 mark and indicating that momentum remains marginally positive despite the week's decline. Nifty continues to trade above the 200-week EMA, while the 50-week and 100-week EMA zones remain important overhead levels. The index is also sustaining above the rising trendline drawn from the April lows, keeping the medium-term structure constructive. A decisive move beyond the 24,600– 24,800 resistance zone would be important for a stronger upside continuation, while sustained trade above 24,000 remains crucial for maintaining the current bullish undertone. Sector-wise, the broader sectoral performance remained weak during the week. Nifty Auto declined around 1.48%, Nifty FMCG fell around 1.66%, Nifty IT slipped around 0.60%, while Nifty Pharma remained relatively resilient but still ended lower by around 0.36% over the week. The weakness was broad-based, with higher crude prices and geopolitical concerns weighing on overall market sentiment. On the upside, immediate resistance levels are placed at 24,600 and 24,800. A sustained breakout above this zone could bring fresh buying momentum and open the way for further upside. On the downside, immediate support is seen at 24,250 and 24,000. A decisive breakdown below 24,000 could weaken the prevailing structure and increase selling pressure. Considering the current technical setup, traders are advised to maintain a buy-on-dips approach near key supports while remaining cautious around the higher resistance zone.

Support Levels: - 24,000 - 24,250

Resistance Levels: - 24,600 - 24,800

Overall, Bias: - Sideways to Bullish

BANKNIFTY WEEKLY OUTLOOK – 15TH August 2026

Bank Nifty started the week on a largely flat note, opening at 57,812.30 and initially moved higher to mark the weekly high of 58,015.85 during the opening session. However, the upside failed to sustain as selling pressure emerged at higher levels, dragging the index towards its weekly low of 57,158.10. Buying interest emerged from lower levels thereafter, leading to a recovery, although the index remained largely sideways during the latter part of the week. Bank Nifty eventually closed at 57,491.10, down 255.35 points (-0.44%) for the week. Technically, Bank Nifty continued to hold above its key 50-week, 100-week and 200-week EMAs, indicating that the broader medium-term structure remains positive despite the recent consolidation. The index has been forming a base after the sharp recovery from lower levels, while the 50-week EMA continues to provide an important cushion on declines. The Weekly RSI stands at around 53, holding above the neutral 50 mark, suggesting that momentum remains moderately positive, although the index is yet to witness a decisive breakout on the upside. From a price-action perspective, the index faced rejection near the 58,000–58,300 zone but managed to recover from the week's low, reflecting buying interest at lower levels. The ongoing consolidation near the upper end of the recent range suggests that a sustained move above 58,250–58,700 could improve the momentum and open the way for further upside, while a break below the key support zone may lead to renewed profit booking.

Support: 56,900–56,400

Resistance: 58,250–58,700

Overall, Bias: Sideways to Bullish

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