Media index down by 2.40 percent and IT by 1.80 percent
Amol Athawale,
VP Technical Research,
Kotak Securities
Mumbai, October 17, 2025: In the last week, the benchmark indices continued their positive momentum. The Nifty ended 1.68 percent higher, while the Sensex was up by 1450 points. Among sectors, Capital Market and Reality indices outperformed, with Capital Market gaining 5percent and Reality up by 4 percent, whereas Media and IT indices lost the most. Media down by 2.40 percent and IT by 1.80 percent. Technically, on daily and intraday charts, the indices are holding higher high and higher low series formation. On weekly charts, a long bullish candle has formed, which supports the possibility of further uptrend from the current levels.
We are of the view that the short-term market texture is bullish, but due to temporary overbought conditions, some profit booking may occur at higher levels. For traders, 25,550-25,350 /83000-82400 would act as key support zones, while 26,000/84400 and 26,300/85300 would be the crucial resistance levels for the bulls. However, below 25,350/82400, the uptrend would become vulnerable.
For Bank Nifty traders, 57,000 would act as a strong support zone. As long as it continues trading above this level, the bullish sentiment is likely to persist. On the higher side, it could move up to 58,000-58,500.
Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd, adds:
“Nifty started the day on a positive note, witnessed continued buying interest, and finally settled on a positive note at 25,330. Technically, on the daily chart, Nifty holds above the recent breakout point at 25,150 and formed a small green candle, indicating continued strength. As per the recent breakout, the index can test 25,400–25,500 levels in the short term. On the downside, the breakout point at 25,150 will act as immediate support, followed by 24,890, where the 34-DEMA support is placed. Thus, short-term traders are advised to adopt a buy-on-dips strategy.
The Bank Nifty index began on a flat note, witnessed strong buying interest, and settled on a bullish note at 55,493. Technically, on the daily scale, Bank Nifty sustained above the trend line resistance as well as the 34-DEMA hurdle and formed a big bullish candle, indicating continued strength. Thus, Bank Nifty index will attempt to test the 56,000–56,160 levels in the near term, where major resistance is placed. Immediate support for the Bank Nifty is seen near 55,010, where the 34-DEMA is placed, followed by 54,500. Thus, short-term traders are advised to adopt a buy-on-dips strategy in Bank Nifty.”
