Nifty recovers to close above 23,000 mark after weekly gains
The Nifty index ended the week with a net gain of 453.10 points as volatility eased.
The Indian equity markets staged a recovery during the week, reversing part of recent losses to end on a positive note, according to the Economic Times. The Nifty index closed above the 23,000 mark after witnessing buying interest at lower levels during a week where it oscillated in a 730.75-point range.
The headline index ended the week with a net gain of 453.10 points, representing a 2.00 per cent increase. During this period, the India VIX declined by 9.25 per cent to 15.30, reflecting a moderation in market uncertainty.
A significant technical development was the Nifty reclaiming its 200-week Moving Average, which is currently placed at 22,700.18. This level coincides with a trendline support drawn from major lows in early 2025, making the 22,700 zone technically significant.
For the coming week, the levels of 23,300 and 23,450 are expected to act as immediate resistance points. Support is anticipated at 22,750 and 22,525, while the 20-week Bollinger Band midpoint at 23,696.04 represents an additional resistance area.
Relative Rotation Graph analysis shows the Nifty Bank, Media, Pharma, and IT indices are in the leading quadrant. Meanwhile, the Metal, Realty, Midcap100, and Auto sector indices are in the weakening quadrant.