Week Ahead....

The market entered the phase of consolidation, falling moderately in the week ended October 11 amid valuation concerns and the subdued outlook for Q2FY25 earnings.

The BSE Sensex was down 0.4 percent at 81,381, and the Nifty 50 fell 0.2 percent to 24,964, while the broader markets outperformed the benchmark indices, as the Nifty Midcap 100 and Smallcap 100 indices gained 1.3 percent each.

In the coming week starting from October 14, the market is expected to remain consolidative and try to rebound with a fall in volatility. The market participants will focus on the September quarter earnings with a focus on heavyweights like Reliance Industries, Infosys, and HDFC Bank.

Technically, overall the Nifty 50 is likely to be in the range of 24,700-25,500 in the coming week. On the higher side, the 25,050 (50-day EMA) is expected to be crucial for upward journey initially towards 25,200-25,300 area, followed by 25,500 being the critical hurdle, however, on the downside, 24,900 is an immediate support for the index. The 24,800 is likely to be rising trendline support, followed by 24,700 (the last week's low) and 24,500 (20-week EMA) being crucial support zones. The index formed High Wave kind of candlestick pattern following big bearish candle in the previous week, indicating the reduction in selling pressure and raising the possibility of some bounce in the start of next week.

The weekly options data indicates that 25,000 is likely to play a key level for the market direction going ahead, with a hurdle at 25,500 on the higher side and support at 24,700 on the lower side.