Weekly Market Outlook: Nifty shows bearish signals; stay defensive amid resistance near 25,650
ADVERTISEMENT India VIX edged marginally higher by 0.48% to 12.03, indicating that sentiment remains calm despite the prolonged weakness. By the week's close, the index ended with a net loss of 202.05 points, or (-0.82%).
We have a short week ahead, with Friday a trading holiday on account of Independence Day. The index structure remains weak in the near term. The recent peak near 25,650 marks a lower top, coinciding with a confluence of two important pattern resistances — one from a falling trendline drawn from earlier highs, and another from the upper boundary of a broad consolidation channel. This zone now acts as a strong supply area.
The market is still trading beneath this resistance cluster, with a mild downward slope visible in short-term averages. Any meaningful upside would require a decisive breakout above this confluence; conversely, sustained trade below 24,200, which is the 50-week moving average, could accelerate the corrective leg.As we head into the new week, the Nifty is likely to see a soft or cautious start. Immediate resistance levels are placed at 24,500 and 24,850, while supports come in at 24,200 and 23,950.
ADVERTISEMENT The weekly RSI stands at 49.50. It has formed a new 14-period low, which is bearish, but remains neutral without any divergence against price. The weekly MACD has shown a negative crossover; it is now bearish and trades below its signal line.Pattern analysis reveals that the Nifty is still respecting the downward-sloping resistance line from the previous top, which aligns with the lower-high formation near 25,650. The index is hovering below the 20-week moving average (24,496), and any violation of the 50-week average at 24,203 could invite deeper cuts, making the index incrementally weak from current levels. The inability to clear the confluence resistance despite multiple attempts highlights prevailing supply pressure.
ADVERTISEMENT Given the current setup, traders should remain defensive in their approach. Fresh aggressive longs should be avoided until the index breaks above the 25,000–25,100 zone on strong volumes. Short-term players may adopt a highly selective, stock-specific approach with strict stop-losses to protect capital. For now, protecting gains and managing exposure prudently is the preferred strategy as the market continues to consolidate with a downward bias.
(Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae and is based in Vadodara. He can be reached at milan.vaishnav@equityresearch.asia)
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
30 minutes ago
- The Hindu
Domestic travel booms owing to long I-Day weekend
The upcoming extended weekend [Independence Day on Friday followed by Saturday and Sunday] has led to many people from Bengaluru make domestic travel plans. With Krishna Janmashtami also falling on August 16, both to and fro travel from Bengaluru has increased. 'The extended weekend is driving a substantial increase in travel from Bengaluru with demand for flights, hotels, and holiday packages noticeably higher than last year. There is a clear preference for bookings to popular and easily accessible getaway destinations such as Goa, which have jumped by more than 80%. The increased demand on key routes to Mumbai and New Delhi has pushed fares higher during peak hours,' said Rikant Pittie, CEO and co-founder of EaseMyTrip. A few others have also been opting for destinations in Karnataka which can be reached in a few hours owing to the limited time that the weekend offers. 'Kodagu and Chikkamagaluru, which are the usual favourites during monsoon are gaining traction with many looking to book properties there while we have seen a slight increase in arrivals to Bengaluru too. As North Karnataka is too hot to travel during summer, we have seen a little bit of demand to destinations like Hampi over this weekend,' said Prathap Gowda, manager at a private tour organising agency. Puducherry, Kerala, and Hyderabad have also attracted many bookings from travellers from the city. According to PeekABoo, Cleartrip's travel trends tracker, popular air routes to/from Bengaluru are Delhi, Mumbai, Kolkata, Goa, Pune, Hyderabad, Varanasi, and Jaipur among others. Similarly, popular bus routes include Hyderabad, Chennai, Coimbatore, Vijayawada, and Pune. It has also noted that there has been a 60% increase in bookings for hotels in Bengaluru. 'Many people could not travel to their hometowns last weekend during Raksha Bandhan as the demand was high and the fares were higher. Since people believe that they can tie rakhis throughout the month, they are using this long weekend as an opportunity to travel back home and also spend a little time there,' Mr. Gowda noted. Despite the increased demand, fares continue to be stable across multiple modes of transport. 'I am travelling to Delhi this weekend to belatedly celebrate Raksha Bandhan. I had expected the flight tickets to be expensive than usual due to the long weekend. But it was only ₹1,500 more than usual, which is not a significant amount,' said Riya Jadhav, a bank employee who resides in the city. International destinations like Kuala Lumpur, Bali, Don Mueang, Bangkok etc. which can be covered in a shorter period have also been preferred. The long weekend also led to traffic snarls on Wednesday evening in places like Silk Board and Hebbal which connects the city with highways.
Indian Express
30 minutes ago
- Indian Express
Tata Power launches ‘Ghar Ghar Solar' in Pune
Tata Power Renewables, one of the country's top renewable energy players and a subsidiary of Tata Power, on Wednesday launched its flagship 'Ghar Ghar Solar' campaign in Pune. A special scheme 'Own a Rooftop Solar System' was also introduced ahead of Independence Day. The firm is actively involved in promoting solar energy adoption through the 'Ghar Ghar Solar' campaign that is also aligned with the PM Surya Ghar Yojana. Dr Praveer Sinha, CEO and MD, Tata Power Company Ltd, who was in Pune at the launch event, said by the year-end the aim is to ensure at least six lakh rooftop installations pan-India. Sinha spoke about the initiative with a special focus on Maharashtra. 'In Maharashtra, we are targeting to install 800-MW rooftop solar capacity over the next three years,' he said. As of July 2025, Tata Power Solaroof has achieved a cumulative installed rooftop solar capacity of 775 MWp (megawatt peak) in Maharashtra catering to 27,910 customers. In Pune, where the company already has a presence with 200-MW installed capacity, plans are underway to add a further 250 MW in the next three years. Announcing the key highlights of the new scheme, officials said it entails paying Rs 1,947 and owning the rooftop system, symbolic of the year of India's Independence. Elaborating, Sanjay Banga, CEO and MD of Tata Power Renewable Energy Ltd (TPREL), said it includes almost 100 per cent of system cost available as load, affordable EMIs, flexible financing tenures up to 60 months and complimentary one-year solar insurance for residential customers. 'This initiative aims to accelerate the adoption of residential rooftop solar by offering high-quality, affordable, and easily accessible solar energy solutions backed by trusted service,' he added. Tata Power Company has expressed strong interest in obtaining a distribution licence for Pune city and adjoining Haveli, Maval, Mulshi, and Khed. 'We have submitted our application to the Maharashtra Electricity Regulatory Commission for a licence to distribute electricity in Pune and adjoining areas. Yes, we are very much here,' Dr Praveer Sinha, CEO and MD, Tata Power Company Ltd said on Wednesday. 'MERC is reviewing our application and as per the process, a public hearing will be held,' Sinha said.
Mint
an hour ago
- Mint
Dry days alert in August: No liquor sale in Delhi, Mumbai and Bengaluru on These dates; check full list
With festivals knocking the doors from August onwards, authorities in metro cities like Delhi, Mumbai and Bengaluru have announced dry days list. On these days, all bars, pubs, restaurants, wine stores, and liquor shops across the cities will be closed. The restriction will be imposed on a 24-hour basis. The Delhi administration has imposed back-to-back dry days this week, with all liquor shops shut on Independence Day and Janmashtami. The liquor vends in different licence categories will be closed on August 15 for Independence Day and on August 16 for Janmasthami, Hindustan Times quoted an order issued by Delhi government's excise department as saying. Apart from this, all the liquor vends, bars, restaurants, hotels and clubs will remain closed on Independence Day as well as on October 2, the birth anniversary of Mahatma Gandhi, the order said. With the grand festival 'Ganesh Chaturthi' to be celebrated from 27 August in Maharashtra, the state government has issued a strict order on the sale of liquor in Mumbai and its environs. Apart from 15 August, the state excise department has marked multiple days when the sale of alcohol will be prohibited in Mumbai. All the liquor shops bars, pubs, and wine shops will remain closed, not only on 15 August for Independence Day, but on 16 August too for Janmashtami, the birth of Lord Krishna. The state has marked a strict ban on 27 August and 6 September on sale of alcohol in Mumbai, first and last day of Ganesh Chaturthi. In the 10-day grand festival, which will culminate with Anant Chaturdashi (Visarjan Day) on 6 September, dry days may also be imposed on 5 September, citing public processions and large-scale gatherings. Also, if necessary, the restrictions may be imposed throughout the 10 days of the grand festival and there will be complete ban on sale of alcohol through licensed vendors, restaurants, or bars. However, there is no bar on private consumption, but purchasing alcohol on these days will not be possible. The Bengaluru administration has imposed two consecutive dry days next week, with a liquor ban on 15 August for Independence Day and again on 16 August for Janmashtami. On these two days, there will be 48-hour restriction on the sale of alcohol through licensed vendors, restaurants, or bars across the city. Also, Ganesh Chaturthi on 27 August is also likely to be a dry day in Bengaluru. Similarly like Mumbai, the administration may impose additional restrictions during the immersion period on 6 September.
