Stock Market Outlook: Nifty 50 likely to remain sideways to bullish; Bank Nifty poised for potential upside breakout

The Indian stock market witnessed a robust rally on Friday, buoyed by positive global cues, with benchmark indices posting gains of over half a percent each. The BSE Sensex crossed the 82,000-mark, while the Nifty 50 reclaimed the 25,000 level in intraday trade.
The uptrend was broad-based, with the Nifty Midcap 100 rising 0.5% and the Nifty Smallcap 100 adding 0.4%. The Bank Nifty index also exhibited strong momentum, climbing above the 55,800 level during the session.
Analysts maintain a sideways to bullish outlook for the Indian stock market in the near term. The Nifty 50 is expected to face its next major resistance at 25,200. Below is a detailed technical outlook for the Nifty 50 and Bank Nifty indices for the week:
The Nifty 50 found support near its 21-day Exponential Moving Average (EMA), indicating sustained buying interest at lower levels. The index is currently consolidating within a narrow range of 24,700 – 25,000, awaiting a decisive breakout for further directional clarity.
According to Choice Broking, 25,000 remains a crucial resistance level for Nifty 50 on the upside.
'A decisive breakout above this mark could trigger a fresh leg of the rally towards 25,250 – 25,350. On the downside, immediate support is placed at 24,700, followed by a stronger base near 24,500. This zone will be important to watch as any breakdown below it could attract short positions and shift the near-term bias to negative,' Choice Broking said in a note.
Momentum indicators also point to early signs of strength. The Relative Strength Index (RSI) stands at 59.33 and is trending higher, indicating moderate bullish momentum. The Stochastic RSI has shown a bullish crossover from oversold territory, adding further weight to the positive setup — provided key resistance levels are taken out.
Choice Broking expects the next support zones for the Nifty 50 to be 24,400 – 24,000, while resistance levels are seen at 25,200 – 25,600.
The Bank Nifty index is poised for a potential breakout from an inverted head and shoulders pattern, with the neckline resistance positioned around the 55,500 level. A decisive close above this level could open the path toward 57,000.
At present, the index is drawing strong support from its 20-day EMA and formed a bullish candlestick on Friday, signaling renewed buying interest, according to Choice Broking.
On the weekly chart, Bank Nifty has broken out of a prior consolidation range and successfully retested the breakout zone. Price action is now stabilizing above this area — a technically encouraging sign for bulls.
From a momentum perspective, the RSI stands at 59.74 and is trending upward, suggesting strengthening bullish sentiment. The Stochastic RSI has also delivered a positive crossover, indicating the potential for a fresh upward move.
'Any correction or dip towards 55,000 or 54,450 can be seen as a healthy retracement and a buying opportunity for higher targets. These support zones align with previous price structures and moving averages, making them ideal for accumulation,' Choice Broking said.
The sector-wide strength reinforces the bullish bias in Bank Nifty and supports the case for a potential upside breakout in the coming sessions, it added.
Support levels for Bank Nifty are placed at 54,800, 54,400, and 54,000, while resistance levels are seen at 55,500, 56,100, and 57,000.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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