Indian equity markets experienced heightened volatility last week, with key indices struggling to maintain recent gains. The IT index took a major hit, while the Pharma index fell over 2% and Metals declined close to 2%, adding to the overall market weakness. By the end of the week, Foreign Institutional Investors (FIIs) were net sellers, offloading around ₹19,570 crores, whereas Domestic Institutional Investors (DIIs) remained net buyers, putting in slightly over ₹17,400 crores.
Weekly Market Recap
NIFTY
24,655 (-2.65%)
The Benchmark Index corrected by 2.6% during the week, posting its sixth consecutive negative close. The index failed to cross the previous swing high, forming a lower-high pattern. On the technical side, Benchmark Index closed below the 10, 20, 50, and 100 EMAs (daily) and also below the 10 and 20 EMAs (weekly), signaling a short-term bearish outlook. Additionally, the RSI slipped under 50, invalidating the double-bottom structure. With bears dominating, the trend continues to favor sell on rise.
Key levels to watch for upcoming week:
Support: 24,400 / 24,200
Resistance: 24,850 / 25,000
MIDCAP 100
56,379 (-4.60%)
The Midcap Index registered its steepest single-session fall in over 140 days, losing 2.05% on Friday and 4.6% for the week. Similar to Nifty, it failed to break the prior swing high, creating a lower-high formation. The Midcap Index closed below key EMAs on both daily and weekly charts, while the RSI dropped under 55, breaking its earlier double-bottom attempt. The overall sentiment remains bearish with consistent selling pressure on rebounds.
Key levels to watch for upcoming week:
Support: 55,800 / 55,400
Resistance: 57,000 / 57,500
SMALLCAP 100
17,561 (-5.10%)
The Smallcap Index faced even sharper weakness, dropping 2.26% on Friday and 5.10% for the week—its largest single-day loss in over 140 sessions. Like its peers, it could not overcome the previous swing high, sustaining a lower-high formation. In addition, it closed below the 10, 20, 50, and 100 EMAs on the daily chart and beneath the 10 and 20 EMAs on the weekly timeframe, which underscores persistent bearish momentum. Notably, the RSI also fell below 55, further weakening the technical outlook. Consequently, sellers remain in control, and upward moves are quickly met with resistance.
Key levels to watch for upcoming week:
Support: 17,400 / 17,150
Resistance: 18,000 / 18,200
