Bullish Signal: Nifty Logs Best Week in 5 Years, Eyes 24,300

The Sensex posted its strongest weekly gain since February 2021, closing Friday at 77,550 (+1.2%) while Nifty ended at 24,050 (+1.16%). The rally was driven by global relief rather than domestic catalysts, suggesting external risk appetite has returned. The move retraces a meaningful chunk of recent drawdowns and resets short-term sentiment to constructive.

A 5-year high in weekly gains is a regime signal — short covering plus fresh longs from FIIs typically follow such breaks. With global headwinds easing, India's premium valuation finds renewed support. However, parabolic weeks often precede a digestion phase, so positioning matters more than direction here.

Index heavyweights RELIANCE, HDFCBANK, ICICIBANK led the charge given their Nifty weights. IT names INFY, TCS, WIPRO benefit from global risk-on as they are most sensitive to overseas sentiment. Banking and financials (SBIN, AXISBANK, KOTAKBANK) typically extend such rallies via beta.

Watch FII cash flows next week — sustained inflows would confirm the reversal. Key Nifty levels: 24,200-24,300 as immediate resistance, 23,700 as support. Monitor US bond yields, dollar index, and crude — any reversal in global cues could quickly unwind this week's gains.

• •Sensex logged sharpest weekly gain since week ended 7 February 2021
• •Nifty 50 closed Friday at 24,050.60, up 1.16%
• •Sensex closed at 77,550.25, up 1.2% on Friday
• •Rally driven by global relief, comparable to post-Covid surge of Feb 2021