Weekly Trend Report
- 29th Aug, 2026
Week Gone By
Indian equities ended the week marginally lower after a volatile stretch, with geopolitical tensions, elevated crude prices and concerns over US inflation weighing on sentiment. The Nifty declined 0.31%, while broader markets outperformed, as Friday’s rebound led by IT stocks following Nvidia’s strong results helped offset mid-week profit booking and expiry-related volatility. Domestically, investors remained watchful of inflation and currency risks, while globally, easing crude prices and renewed optimism around AI-led technology spending improved risk appetite towards the latter part of the week. The US PCE inflation print remained elevated, however, keeping the outlook for Fed policy and global bond yields in focus.
Week Ahead
Indian equities enter the week with a cautious bias, with the Nifty’s 24,000 support level in focus amid elevated crude prices, geopolitical risks and uncertainty around global rates. The key domestic trigger will be Q1 FY27 GDP, where the market expects growth to moderate to 7.1% from 7.8% in Q4 FY26, followed by August manufacturing and services PMI readings and monthly auto sales, which will provide cues on industrial activity, consumption and rural demand. Globally, the US non-farm payrolls report will be closely watched for signals on the Fed’s rate trajectory and potential implications for FII flows, while crude oil remains an important swing factor for India’s inflation, currency and corporate margins. With broader markets showing relative resilience and domestic institutions providing support, stock selection is likely to remain more important than index direction.
Technical Overview
- Nifty closed at 24,175, gaining 85 points +0.35%, recovering from the intraday low of 24,077. The recovery from lower levels indicates buying interest near the immediate support zone.
- In the recent price action, Nifty has been consolidating between the 24,070–24,100 support zone and the 24,330–24,450 resistance zone. The index has failed to sustain above the upper end of this range, keeping the short-term trend sideways.
- The rising trendline from the April low continues to provide support, and the latest price action shows that buyers are still defending this trendline. Holding this structure is important to maintain the higher-low sequence.
- The 24,200–24,250 zone is the immediate hurdle. A sustained move above this region can improve sentiment and push the index towards 24,330–24,450, where fresh supply is likely to emerge.
- The 24,330–24,450 zone remains the key resistance area. Nifty has faced multiple rejections from this region in recent attempts, making a decisive breakout important for the next directional move.
- On the downside, 24,070–24,100 remains the immediate support zone. A sustained hold above this area can keep the current consolidation structure intact and allow another recovery attempt towards the upper end of the range.
- Below 24,070, the next supports are placed around 23,930 and 23,785. A break below 23,785 along with the rising trendline would weaken the recent higher-low structure and increase the probability of a deeper correction.
- The daily MACD has weakened, with the histogram turning negative and the MACD line losing upward momentum. This indicates that bullish momentum has moderated, and the index may remain range-bound until a decisive breakout occurs.
- Conclusion: The recent price action indicates that Nifty is consolidating near the rising trendline support after facing repeated rejection from the 24,330–24,450 zone. The index needs to sustain above 24,250 and subsequently break 24,450 for a stronger upside move towards 24,575–24,750. On the downside, 24,070 remains the immediate make-or-break level. A break below this level can extend the correction towards 23,930–23,785, while a decisive breakdown below 23,785 would weaken the short-term structure.
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