Market Analysis

Weekly Technical Outlook

Support, resistance, trend bias and options-driven technical scenarios for Nifty 50, Bank Nifty and Sensex.

Data as of 23 Aug 2026, 04:00 pm ISTData cut-off: 2026-08-21

Archive snapshot · 2026-08-23

Locked outlook from 23 Aug 2026, 4:00 pm IST. Verdict: Neutral to Positive. Not updated during the week.

Overall weekly bias

Week: 2026-08-24 → 2026-08-28 · Data cut-off: 2026-08-21

Neutral to Positive

Nifty 50: Neutral, Bank Nifty: Mildly Bullish, Sensex: Neutral. Confidence varies by index.

nifty_50: Neutralbank_nifty: Mildly Bullishsensex: Neutral

Nifty 50

Neutral

24,252.00▼ -0.47%

Confidence

Low

Market regime

Consolidation

Technical score

RSI (14)

22.2

Close vs 20 EMA

24,299.79

Weekly range

24,025.65 — 24,360.10

Immediate resistance

24,399.52 · 24,547.03

Immediate support

24,065.07 · 23,878.13

Bias invalidation

Bias valid above 24,065.07 · Bearish risk below 23,878.13 · Bullish upside above 24,399.52

Expected weekly range: 24,051.33 — 24,452.67

Bank Nifty

Mildly Bullish

57,761.95▲ 0.47%

Confidence

Moderate

Market regime

Consolidation

Technical score

RSI (14)

42.1

Close vs 20 EMA

57,529.92

Weekly range

57,001.75 — 57,772.45

Immediate resistance

58,022.35 · 58,282.75

Immediate support

57,251.65 · 56,741.35

Bias invalidation

Bias valid above 57,251.65 · Bearish risk below 56,741.35 · Bullish upside above 58,022.35

Expected weekly range: 57,299.53 — 58,224.37

Sensex

Neutral

77,540.83▼ -0.60%

Confidence

Moderate

Market regime

Consolidation

Technical score

RSI (14)

35.3

Close vs 20 EMA

77,701.34

Weekly range

76,822.89 — 77,928.68

Immediate resistance

78,038.71 · 78,536.59

Immediate support

76,932.92 · 76,325.01

Bias invalidation

Bias valid above 76,932.92 · Bearish risk below 76,325.01 · Bullish upside above 78,038.71

Expected weekly range: 76,877.35 — 78,204.30

Previous week at a glance

Nifty 50

Open · High

24,343.45 · 24,360.10

Low · Close

24,025.65 · 24,252.00

Return

-0.47%

Range (pts / %)

334.45 · 1.37%

Sessions +/−

1 / 4

Candle type

Bearish rejection candle

Low 24,025.65Close 24,252.00 · 68%High 24,360.10

Strongest session

2026-08-20+6.40

Weakest session

2026-08-19-73.75

Bank Nifty

Open · High

57,418.30 · 57,772.45

Low · Close

57,001.75 · 57,761.95

Return

0.47%

Range (pts / %)

770.70 · 1.34%

Sessions +/−

2 / 3

Candle type

Neutral candle

Low 57,001.75Close 57,761.95 · 99%High 57,772.45

Strongest session

2026-08-21+148.75

Weakest session

2026-08-18-63.15

Sensex

Open · High

77,892.92 · 77,928.68

Low · Close

76,822.89 · 77,540.83

Return

-0.60%

Range (pts / %)

1,105.79 · 1.42%

Sessions +/−

1 / 4

Candle type

Bearish rejection candle

Low 76,822.89Close 77,540.83 · 65%High 77,928.68

Strongest session

2026-08-20+69.27

Weakest session

2026-08-19-308.37

Technical scorecards

NIFTY 50

Total +0

Indicator	Reading	Signal	Score
Weekly structure	Lower high/mixed	Neutral	+0
Close vs 20 EMA	Below (24299.79)	Negative	-1
Close vs 50 EMA	Above (24190.75)	Positive	+1
Close vs 200 EMA	Below (24641.93)	Negative	-1
RSI (14)	22.16	Negative	-1
Weekly return	-0.47%	Neutral	+0

BANK NIFTY

Total +2

Indicator	Reading	Signal	Score
Weekly structure	Higher high	Positive	+1
Close vs 20 EMA	Above (57529.92)	Positive	+1
Close vs 50 EMA	Above (57223.03)	Positive	+1
Close vs 200 EMA	Above (57213.78)	Positive	+1
RSI (14)	42.09	Negative	-1
Weekly return	+0.47%	Neutral	+0

SENSEX

Total +0

Indicator	Reading	Signal	Score
Weekly structure	Lower high/mixed	Neutral	+0
Close vs 20 EMA	Below (77701.34)	Negative	-1
Close vs 50 EMA	Above (77383.84)	Positive	+1
Close vs 200 EMA	Below (79513.38)	Negative	-1
RSI (14)	35.26	Negative	-1
Weekly return	-0.60%	Neutral	+0

Recommended bands: +6 Strong Bullish · +3 to +5 Bullish · −2 to +2 Neutral · −3 to −5 Bearish · −6 Strong Bearish.

Support & resistance zones (with confluence scoring)

Nifty 50

Support zones

Zone	Strength	Confluence	Factors
24,004.44 — 24,125.70	Strong	3	Weekly pivotWeekly lowPsychological 24100
23,817.50 — 23,938.76	Moderate	2	Weekly pivotPsychological 23900

Resistance zones

Zone	Strength	Confluence	Factors
24,338.89 — 24,460.15	Strong	3	Weekly pivotWeekly highPsychological 24400
24,486.40 — 24,607.66	Moderate	2	Weekly pivotPsychological 24500

Bank Nifty

Support zones

Zone	Strength	Confluence	Factors
57,107.24 — 57,396.05	Strong	3	Weekly pivot50 EMAPsychological 57300
56,596.95 — 56,885.76	Moderate	2	Weekly pivotPsychological 56700

Resistance zones

Zone	Strength	Confluence	Factors
57,877.94 — 58,166.75	Moderate	2	Weekly pivotPsychological 58000
58,138.34 — 58,427.15	Moderate	2	Weekly pivotPsychological 58300

Sensex

Support zones

Zone	Strength	Confluence	Factors
76,739.07 — 77,126.77	Strong	3	Weekly pivotWeekly lowPsychological 77000
76,131.16 — 76,518.86	Moderate	2	Weekly pivotPsychological 76500

Resistance zones

Zone	Strength	Confluence	Factors
77,844.86 — 78,232.56	Strong	3	Weekly pivotWeekly highPsychological 78000
78,342.74 — 78,730.44	Moderate	2	Weekly pivotPsychological 78500

Confluence counts independent factors overlapping the zone (weekly pivot, moving averages, weekly high/low, psychological round-numbers).

Expected weekly ranges (multi-method)

Nifty 50

Close 24,252.00

Historical volatility

23,946.87 — 24,557.13

Width 610.26

Previous-week range

24,051.33 — 24,452.67

Width 401.34

Options-implied

24,092.25 — 24,411.75

Width 319.50

Combined reference

24,030.15 — 24,473.85

Width 443.70

Historical volatility uses the last 20 daily returns × √5. Previous-week range is scaled by 0.6. Combined = midpoint of the two ranges. Options-implied range is populated when weekly ATM straddle data is available.

Bank Nifty

Close 57,761.95

Historical volatility

57,002.74 — 58,521.16

Width 1,518.42

Previous-week range

57,299.53 — 58,224.37

Width 924.84

Options-implied

57,268.50 — 58,255.40

Width 986.90

Combined reference

57,190.26 — 58,333.64

Width 1,143.38

Sensex

Close 77,540.83

Historical volatility

76,653.94 — 78,427.72

Width 1,773.78

Previous-week range

76,877.35 — 78,204.30

Width 1,326.95

Options-implied

76,794.98 — 78,286.68

Width 1,491.70

Combined reference

76,775.42 — 78,306.23

Width 1,530.81

Options positioning

Nifty 50

Exp 2026-08-25

24,252.00ATM 24,250

PCR (OI): 1.083
PCR (volume): 1.160
Max pain: 24,250
ATM straddle: 159.75
Implied move: ± 0.66%
Call wall: 24,300
Put floor: 24,000

Options-implied range

24,092.25 — 24,411.75

Balanced positioning

Bank Nifty

Exp 2026-08-25

57,761.95ATM 57,800

PCR (OI): 0.870
PCR (volume): 0.853
Max pain: 57,700
ATM straddle: 493.45
Implied move: ± 0.85%
Call wall: 58,000
Put floor: 57,000

Options-implied range

57,268.50 — 58,255.40

Balanced positioning

Sensex

Exp 2026-08-27

77,540.83ATM 77,500

PCR (OI): 1.104
PCR (volume): 1.176
Max pain: 77,600
ATM straddle: 745.85
Implied move: ± 0.96%
Call wall: 77,600
Put floor: 77,500

Options-implied range

76,794.98 — 78,286.68

Balanced positioning

PCR = Put OI / Call OI. Values ≥ 1.25 = put-heavy, potentially supportive. ≤ 0.75 = call-heavy, potentially resistance-heavy. Options positioning may change materially after the market opens, around major events and near contract expiry.

Options open-interest heatmap

Nifty 50 · OI ladder (±10 strikes around ATM 24,250)

CE OI	CE IV	Strike	PE IV	PE OI
45,240	13.6	23,750	11.3	24,63,370
6,10,350	11.7	23,800	10.7	74,40,420
70,005	11.0	23,850	10.1	31,76,875
2,73,780	10.3	23,900	9.6	67,11,055
2,00,330	9.7	23,950	9.2	34,72,560
59,39,635	8.9	24,000	8.8	1,78,14,550
5,72,780	9.0	24,050	8.5	33,77,400
27,77,515	8.3	24,100	8.2	87,37,365
12,18,880	8.1	24,150	8.0	61,41,135
91,22,165	8.0	24,200	7.8	1,55,03,670
68,61,530	7.9	24,250ATM	7.7	69,58,770
1,38,76,980	7.9	24,300	7.6	98,35,345
45,74,635	7.8	24,350	7.4	19,89,780
97,74,440	7.7	24,400	7.3	35,21,960
37,15,790	7.7	24,450	7.4	5,63,745
1,32,50,445	7.8	24,500	7.1	37,54,530
50,39,515	7.9	24,550	7.4	1,84,340
85,38,010	8.1	24,600	7.2	8,73,665
34,02,035	8.5	24,650	5.9	1,72,965
68,14,405	8.9	24,700	7.8	7,68,235
32,94,980	9.3	24,750	7.6	93,275

Bank Nifty · OI ladder (±10 strikes around ATM 57,800)

CE OI	CE IV	Strike	PE IV	PE OI
34,860	10.9	56,800	11.3	3,48,390
79,230	11.1	56,900	11.1	2,67,480
5,62,140	10.9	57,000	10.9	13,35,810
1,15,800	11.1	57,100	10.6	3,39,450
1,42,110	10.2	57,200	10.5	3,75,270
1,50,660	10.1	57,300	10.4	3,02,940
2,22,450	10.2	57,400	10.1	3,19,560
8,78,250	9.9	57,500	9.9	11,00,040
3,95,880	9.9	57,600	9.9	3,15,390
7,98,180	10.1	57,700	9.9	5,59,980
5,03,820	10.0	57,800ATM	9.8	2,14,290
5,97,930	10.0	57,900	9.7	1,78,170
23,03,850	9.9	58,000	9.7	10,67,940
3,43,560	9.9	58,100	9.6	2,01,450
3,84,630	9.9	58,200	9.8	1,08,840
2,71,200	9.9	58,300	10.2	44,490
2,94,480	10.0	58,400	9.3	14,310
12,12,930	10.1	58,500	8.9	1,06,650
2,74,560	10.2	58,600	9.4	8,400
3,45,540	10.7	58,700	0.0	5,790
2,24,400	10.8	58,800	10.3	7,050

Sensex · OI ladder (±10 strikes around ATM 77,500)

CE OI	CE IV	Strike	PE IV	PE OI
34,640	8.1	76,500	10.4	2,64,320
4,040	8.4	76,600	10.2	1,87,200
7,020	8.3	76,700	10.1	1,53,720
10,880	8.7	76,800	10.0	1,27,380
28,740	8.6	76,900	10.0	1,38,040
2,01,040	8.4	77,000	9.9	5,72,140
24,380	8.5	77,100	9.9	1,16,080
40,360	8.5	77,200	9.8	1,74,120
51,640	8.6	77,300	9.8	2,69,680
92,200	8.5	77,400	9.6	3,92,860
5,86,960	8.6	77,500ATM	9.6	8,44,420
7,73,800	8.5	77,600	9.5	5,44,580
6,81,860	8.7	77,700	9.7	3,91,280
2,86,620	8.6	77,800	9.0	1,60,420
1,82,600	8.7	77,900	9.5	90,200
5,90,640	8.6	78,000	9.4	3,05,500
2,07,600	8.7	78,100	9.4	30,440
1,60,060	8.7	78,200	9.6	18,580
1,35,460	8.7	78,300	9.8	23,200
87,160	8.7	78,400	9.9	7,780
4,87,160	8.7	78,500	10.0	63,060

Conditional scenarios · bullish / range-bound / bearish

Nifty 50

Bullish scenario

Trigger 24,399.52 · A sustained move above 24399.52 with supportive breadth may open room toward 24547.03.

Invalidates if price returns below 24,065.07.

Range-bound scenario

Range 24,065.07 — 24,399.52. Trading between 24065.07 and 24399.52 would indicate continued consolidation near the pivot at 24212.58.

Bearish scenario

Trigger 24,065.07 · A sustained break below 24065.07 may expose the 23878.13 support zone.

Invalidates if price recovers above 24,399.52.

Bias invalidation framework

Bias valid above 24,065.07 · Bearish risk below 23,878.13 · Bullish conviction above 24,399.52

Bank Nifty

Bullish scenario

Trigger 58,022.35 · A sustained move above 58022.35 with supportive breadth may open room toward 58282.75.

Invalidates if price returns below 57,251.65.

Range-bound scenario

Range 57,251.65 — 58,022.35. Trading between 57251.65 and 58022.35 would indicate continued consolidation near the pivot at 57512.05.

Bearish scenario

Trigger 57,251.65 · A sustained break below 57251.65 may expose the 56741.35 support zone.

Invalidates if price recovers above 58,022.35.

Bias invalidation framework

Bias valid above 57,251.65 · Bearish risk below 56,741.35 · Bullish conviction above 58,022.35

Sensex

Bullish scenario

Trigger 78,038.71 · A sustained move above 78038.71 with supportive breadth may open room toward 78536.59.

Invalidates if price returns below 76,932.92.

Range-bound scenario

Range 76,932.92 — 78,038.71. Trading between 76932.92 and 78038.71 would indicate continued consolidation near the pivot at 77430.8.

Bearish scenario

Trigger 76,932.92 · A sustained break below 76932.92 may expose the 76325.01 support zone.

Invalidates if price recovers above 78,038.71.

Bias invalidation framework

Bias valid above 76,932.92 · Bearish risk below 76,325.01 · Bullish conviction above 78,038.71

Scenarios are conditional and use rule-based technical zones. Not personalised trading or hedging recommendations.

Market breadth & sector confirmation

Advances vs declines

4,1765,2130.80× A/D

Negative Breadth

52W highs / lows

13980

Sector participation

7up6down

Leading: Metal, Banking, Realty

Lagging: FMCG, Auto, Media

Heavyweight contribution

Top positive Nifty 50 movers

POWERGRID
POWER GRID CORP. LTD.
+2.87%
HDFCLIFE
HDFC LIFE INS CO LTD
+2.36%
KOTAKBANK
KOTAK MAHINDRA BANK LTD
+1.37%
NESTLEIND
NESTLE INDIA LIMITED
+1.31%
BEL
BHARAT ELECTRONICS LTD
+1.12%

Top negative Nifty 50 movers

MARUTI
MARUTI SUZUKI INDIA LTD.
-1.77%
TRENT
TRENT LTD
-1.55%
HCLTECH
HCL TECHNOLOGIES LTD
-1.21%
INDIGO
INTERGLOBE AVIATION LTD
-1.06%
ONGC
OIL AND NATURAL GAS CORP.
-0.88%

Nifty 50 constituents (screener_snapshots) · % change is a proxy for approximate index-point contribution.

Institutional positioning (FII / DII)

As of 21-Aug-2026

FII cash segment

Net-543₹ cr

Buy+12,561₹ cr

Sell+13,104₹ cr

DII cash segment

Net+2,124₹ cr

Buy+15,259₹ cr

Sell+13,135₹ cr

Events that could change the technical setup

Later this week

23:30USUS Non-Farm Payrolls (Aug)GoldSilverUSD/INR
23:30USUS CPI (Aug)GoldSilverUSD/INR
23:30USFOMC Rate Decision + Powell Presser (SEP)All marketsGoldSilver
23:30USUS Non-Farm Payrolls (Sep)GoldSilverUSD/INR

Previous Weekly Technical Outlooks

Sunday 16:00 IST snapshots — permanent archive links.

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