WEEKLY MARKET OUTLOOK – PULLBACK WITHIN STRUCTURENifty 50 IndexNSE:NIFTYssudhirsharma11NIFTY 50 – RANGE HOLDS, CONFIRMATION AWAITS Nifty closed at 23,897, down ~450 points week-on-week. Weekly High: 24,601 | Weekly Low: 23,813 As discussed earlier, Nifty continues to respect the 25,000–23,750 range. This week’s red close highlights why weekly & monthly timeframes matter — both are not fully bullish yet. MARKET REGIME Short-term: Range-bound with pullbacks Medium-term: Transition phase (base building in progress) With a holiday-shortened week (1st May), expect range-bound movement with intermittent volatility. 📍 NIFTY – LEVEL MAP Expected Range: 👉 24,650 – 23,400 Key Resistance: 👉 24,150 Sustained trade above (≥1 hour) → strength resumes Upside potential improves thereafter Key Supports: 👉 23,400 → 23,000 / 22,900 Holding above → structure intact Weekly close below 23,000 → increases downside risk STRUCTURAL VIEW (W-PATTERN CONTEXT) To complete the monthly W-pattern, one more controlled round of selling / shakeout is possible, provided: 👉 23,000–22,900 holds on weekly closing basis EXECUTION NOTES For traders (long bias): 👉 Wait for 1-hour sustain above 24,150 before initiating longs For investors (dip buyers): 👉 A window around 7–10 May could offer better risk-reward for deploying capital in quality names BANK NIFTY – KEY DRIVER Bank Nifty closed at 56,089 (−476 pts) High: 57,456 | Low: 55,750 This index can make or break Nifty’s move. Trigger Level: 👉 56,320 Sustain above (≥1 hour) → 56,700 → 57,000 → 57,500 Below 55,300 → downside pressure increases Expected Range: 👉 57,600 – 54,500 SECTORAL FOCUS 👉 Banking, Energy, Power, PSU, Defence likely to remain active WEEKLY FLOW (PROBABILISTIC) Monday: Mildly bullish Tuesday: Sideways to mildly bearish Wednesday: Volatile Thursday: Profit booking / consolidation S&P 500 – STRUCTURE IN CONTROL S&P 500 closed at 7,165 (+40 pts), forming a bullish hanging man: Sellers pushed lower, but buyers defended and closed higher Key Levels: Support: 👉 7,046 Break → negation of key Fib support → risk of sharp downside Resistance: 👉 7,334 / 7,465 / 7,485 / 7,530 👉 Sustaining above 7,122 keeps the bullish bias intact FINAL VIEW Nifty: Pullback within range, confirmation pending Bank Nifty: Decisive trigger near 56,320 S&P 500: Holding above key Fib → supportive Structure: Consolidation before next move 👉 Expect range-bound to mildly volatile price action Focus on levels, not opinions. 💡 CLOSING INSIGHT Markets often shake out weak hands before trending. What looks like weakness may be preparation for the next leg.