27th-APR-2025

WEEKLY TECHNICAL OUTLOOK

(28th APR-2025 TO 2nd MAY-2025)

(Equity & Commodity Trading Levels & Few Equity Trading Bets)

(PCG-PhillipCapital India)

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NIFTY FUT @24038 (Bias:-“Range”S@23400/23k & R@24500)

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 NIFTY BIAS:-(Outlook> This week “Important Level” @24200)
➢ Nifty-50 Index formed “Double Bottom” at around 21750 levels & bounced back sharply from
lows of 21743 (since 7th-Aprol-2025) to current highs of 24365 (+12%). The Index encountered
with profit-taking in last session of previous week & slipped down to lows of 23847 (-2.13%
from highs). It ended last week at 24039 up +0.79%.
➢ Technically, Nifty-50 Index witnessed a “Hanging Man” pattern on weekly time frame. The
follow-up sustaining below 24200 can remain under-pressure. On the lower-end slipping &
sustaining below 23800 can lead the Index lower towards 23400/23k levels; While sustaining
above 24200 can witness fresh buying interest for higher resistance levels of 24500/ 25200 odd
levels in weeks to come. Overall, 23800 & 24200 can be looked as silver-line between “Bulls &
Bears” in short-term. Be lite with leverage longs & training stops will be recommended for
trader.
➢ Going forward, for the coming week as per Monthly OI data 30th-April the Index has maximum
CE build-up at 25000 & 24500 Strike Rates. While the maximum PE build-up at 23500 & 23000
strike rates. The broad range for the coming week as pe OI data can be 23500 & 24500. Option
sellers are active at OTM strikes indicating consolidation & premium dilution for the coming.

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 NIFTY OPEN INTEREST > WEEKLY OI 30th-APR-2025

➢ Nifty 30th-APR Open Interest Highest OI CE at 24500 & 25000 Strike & PE at
23500 & 23000 Strike.
➢ Immediate “Tug-Of-War” level will be at around 24500 below which bias
will be “Pressure” in short-term.

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BANKNIFTY SPOT @54664 (Bias:-“Range” S@52800 R@56500)

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 BANKNIFTY FUT @54660 (Bias:-“Buy-On-Dip” & “Sell-On-Rise”)

➢ BankNifty Index out-performed Nifty-50 Index in last few weeks on back of action taken by RBI in
recent past to flush liquidity in system along with RBI rate cut & quarterly results. Last week, BNS
made fresh “All Time Highs” of 56098 & witnessed “Profit-taking”. It slipped down to lows of 54176
& ended at 54664 up +0.69%.
➢ In last three weeks, BNS gained from lows of 47156 to “All Time Highs” of 56098 +14.10%.
Technically, the Index post sharp up-move has entered into “Over-Bought” zone. The Index can
witness a pause since on daily charts the Index tested “Over-Bought” territory of Daily RSI 70 &
slipped down to end at 65.52 levels. The Index has immediate decent resistance at around 56500 &
extended 58200 levels. Ideally, the Index retracement towards 53k & lower levels can be awaited
for fresh long trading bets.
➢ Going forward, the Index for the coming weeks has strong cluster resistance at 56500 & 58200
levels below which this week outlook is “Upside Capped” while retracement on lower-end has
immediate support at around 53k & major 52k levels (Contra long levels; with strict stops). Overall,
positionally the Index can witness new highs & can even test higher 58200 odd levels in weeks to
come. The Index Open Interest data for 29th-APR-25 weekly expiry build has maximum near PE
Strike build-up at 53000 & 52000 Strikes while maximum CE build-up at 53000 & 55500 Strikes.
Overall as per OI chain option 53k Strike can be looked as “Silver-Line”

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 BANKNIFTY OPEN INTEREST > MONTHLY OI 29th-APR-2025

➢ Banknifty 29th-APR Open Interest Highest OI PE at 53000 & 52000 Strike & CE
at 53000 & 55500 Strike i.e. “Tug-Of-War” at 53000 levels trading above which
bias “Range to UP” & Resistances at 55500.

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NIFTY MIDCAP-50@15137 (Bias-Range to Down-S@14250 R@16k)

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NIFTY SMALLCAP@16547 (Bias:-“RANGE”R@17500 S@15500)

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NIFTY [email protected] (Bias:-“Range” S@800 R@920)

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NIFTY METAL@8570 (Bias:-“Silver-Line”8800 R@9k S@8250/8k)

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NIFTY IT@35662 (Bias:-“BUY-ON-DIP” S@34k & 32k R@36k/ 38k)

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DJIA@ 40113 (BIAS:-“Range” R@40500/ 42k S@38k & 36k)

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 DJIA@40113 (40500/ 42k Resistances “Below which “Pressure”)

➢ Dow Jones made “Double Top” at around 45k levels in Nov-24 & Jan-25 & struggled
to surpass that hurdle. In mid-Feb-2025 the Index formed “Double Top” at around
45k levels & tanked down to lows of 37880 in April-2025 (-15.80%). The Index has
bounced back sharply & tested highs of 40778 (+7.65% from lows). Last week, it
ended in red down -1.33% at 39142 levels.
➢ Last week, it was mentioned that “ “Silver-Line” cum “Tug-Of-War” can at around
38k levels”. DJIA initially slipped down from highs of 40791 to lows of 38950 & ended
at 39142 levels. As per positional set-up & structure DJIA trading below 42500 levels is
expected to remain “Sell-On-Rise” while on lower-end can attempt & re-test lows of
37500 (crucial support) levels. Last week, DJIA from lows of 37830 made highs of
40376 & ended in green at 40113 up +2.48%

➢ For the coming week, DJIA trading above 39k can be traded with “Range to Positive”
outlook with resistances at around 40500 can extended strong resistance of 42500
levels; which can be looked for fresh selling expecting 40k & lower maintaining stop
above 43k levels.

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INR @ 85.53 (Bias:-“Pressure "Sub [email protected] Crucial S@ 85)

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GOLD FUT@94992 (Bias:-“Profit-Taking levels” R@96k S@92k)

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 GOLD FUT@94992 (“Bias “Be Lite with Longs”> S@92k Trail S/L)

➢ Gold gained back to back on year-on-year between period 2022 to 2025 (Feb-25)
(+79.90%) & accelerated up from lows of 48099 to “Fresh All Time” highs of 86592 in
Feb-2025. This year Gold gained +17.92% at tested mentioned resistance cum profit-
taking levels of 92k (high 91696). Gold triggered with profit-taking at higher levels &
slipped down to lows of 86710 as on 7th-April-2025.

➢ In last three weeks, the counter gained sharp momentum & bounced from lows of
86710 to “Fresh All Time Highs” of 99358 +14.60%. The counter weekly RSI is at
around 77 levels which can be read as “extreme over-bought” zone. Technically, the
counter can witness “profit-taking” at higher further extensions. Positional strong
resistances are at 96k & 98500 levels.

➢ For the coming week, “Outlook” can be reduce longs on pull-back towards 96k &
higher 98500 levels proportionately; since the counter is trading in “Over-Bought”
zone & retracement towards lower levels should be awaited for fresh entry. On
the other hand dips towards 92k & lower 88k will act as immediate support levels
cum fresh buying levels.

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SILVER FUT@96411 (BIAS:-“Buy-On-Dip”S@92k R@98k)

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 SILVER FUT@96441 (Outlook> “Range” S@92k & R@98k)

➢ Post under-performing Dec-2024 quarter where it ended in red down -3.84%; Silver
ended Mar-2025 quarter with a gains of +15.16% at all time highs of 100457. In last
three weeks, Silver managed to witness a “Pull-Back” from lows of 86223 (Mar-25)
to last week highs of 98080.

➢ In April-25 first week, Silver formed a strong weekly “Bearish Engulfing” candle
negating the gains of last seven months (Since Sep-2024). Last week, the counter
traded within a range between 94417 & 98080 before ending the week at 96441 up
+1.48%.

➢ Short-term trend can be “Pressure” on pull-back towards 98000 & higher 100k
levels. While supports will be at around 92k & lower 88k levels which can be looked
for fresh buying expecting pull-back towards 98000 & higher in weeks to come.

➢ For the coming week, Silver Future is expected to consolidate within broad range of
92000 & 98000 levels with “Buy-On-Dip” & “Sell-On-Rise” with strict stops.

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CRUDEOIL FUT@5596 (Bias>“Range” S@5000 R@6000 “Sell-On-Rise))

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 CRUDEOIL@5396 (Bias:-“Sell-On-Rise” Below 6000 S@5000)

➢ Crudeoil has been within a broad range under-pressure since June-2022. The
counter is forming “Lower-Lows” with cluster strong support zone between
5500-5k zone. This year once again the counter initial pull-back attempt towards
7k levels encountered with “Profit-Taking” & slipped down.
➢ Technically, in last few months it has been mentioned that the counter has major
strong cluster support zone of 5500-5k above which downside is capped. While
on the higher-end initial 7k levels should act as pull-back target cum strong
resistances for the year 2025.
➢ Since Jan-2025 crudeoil made highs of 6958 & slipped down to lows of 4798. In
last three weeks, the counter has bounced-back to highs of 5566 from 4798. Last
week it ended at 5396 down -2.12%.
➢ For the coming week, technically Crudeoil once again can be traded with Sell-On-
Rise outlook on pull-backs towards 5800-6000 levels with strict stops while
supports can be at around 5000-4800 zone which can be looked for contra
trading hedged long bets with strict stop of 100 points.

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COPPER FUT@855 (BIAS> "Range" S@825 R@860/ 880)

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 [email protected] (Outlook:-“Range” R@ 860 & 880 S@820)

➢ Copper had a volatile year 2024 between 700 & 945 before ending the year at
795 up +9.35%. Thus year it has been within a range of 788 & 917 till last
week up 6.89%. As per price study the bias is still range to up above 740 odd
levels with positional resistances at around 940 & 980 levels on higher-end.

➢ April 2025 has been quite volatile where it has made lows of 789 & highs of 902.
Last week, copper traded within a very narrow range of 842 & 858 before
ending the week at 850.60 up 0.67%.

➢ For the coming week, 860 can be looked as “Tug-Of-War” levels between short-
term “Bulls & Bears”. The counter can be looked for trading short once slips
below 840 on lower end maintaining stop above 860 levels. While once it sustain
above 860 can be looked for swing long trading with strict stops.

➢ Overall, trading range for the coming next one-two weeks can be between 820 &
880 with “Buy-On-Dip” & “Sell-On-Rise” at high end with strict stops.

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AUBANK @675 (Bias>ACCUMULATE S@640/600 R@740-760)

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ENGINERSIN@ 179 (BIAS:- ACCUMULATE ON DIPS)

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GRASIM@ 2734 (BIAS:- ACCUMULATE ON DIPS)

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