Weekly Market Outlook: Bulls Regain Control, All Eyes on Breakout Zones

Written by Jainam Resources

Last Updated on: February 3, 2026

Indian indices — Nifty, Bank Nifty, and Sensex — saw a strong comeback this week, with bullish candles forming across the charts. Gains across benchmarks indicate underlying buying interest, though intraday volatility kept traders alert. While the overall trend hints at strength, key levels need to be crossed for the momentum to sustain.

Here’s a detailed breakdown of the week’s market performance:

Nifty Outlook: Bullish Setup with a Watch on 25,150 Level

Nifty opened the week at 24802.60 level, touched a high of 25139.45 level, made a low of 24751.55 level, and finally closed at 25114.00 level, delivering a weekly gain of 373.00 points.

The index formed a bullish candle on the weekly chart, indicating sustained buying interest near lower levels. Notably, it managed to close above the crucial 25,000 level after a gap-up opening.

Key technical levels to watch:

• If Nifty sustains above 25150 level, the index could move toward 25250–25300 level.
• On the other hand, if it breaks below 24980 level, downside pressure may take it to 24850–24750 level.

The expected near-term range is 25200–24300 level, with either side breakout likely to decide the directional trend.

Bank Nifty Outlook: Strong Recovery, But Still in Consolidation

Bank Nifty opened the week at 54215.40 level, rose to a high of 54852.25 level, dropped to a low of 54067.15 level, and closed the week at 54809.30 level, notching up a gain of 694.75 points.

The weekly chart shows a bullish candle, backed by sustained buying at lower levels. On the daily chart, the index printed several Doji-like formations, reflecting intraday indecision amidst choppy trade.

Trading setup for the coming sessions:

• If Bank Nifty crosses and holds above 54900 level, it could head toward 55500–55800 level.
• A break below 54300 level might lead to selling pressure pushing it toward 54000–53600 level.

Resistance Levels:

• 54900 level, 55500 level, 55800 level

Support Levels:

• 54300 level, 54000 level, 53600 level

The broader expected range for Bank Nifty lies between 55200–53500 level.

Sensex Outlook: Big Bounce, But Resistance Ahead

Sensex opened the week at 80904.40 level, surged to a high of 81992.85 level, made a low of 80733.07 level, and closed at 81904.70 level, marking a weekly gain of 1193.94 points.

A bullish candle with an upward gap was formed on the charts, showing strong buying. Sensex also ended the week above the 81800 level, confirming short-term bullishness.

Levels to monitor:

• If Sensex sustains above 82200 level, it may rally toward 82800–83200 level.
• If the index slips below 81600 level, it could correct down to 81200–80800 level.

Resistance Levels:

• 80300 level, 81200 level, 81700 level

Support Levels:

• 81600 level, 81200 level, 80800 level

The expected trading zone for Sensex is 82300–79800 level, with both bulls and bears eyeing breakout points.

Conclusion: Bullish Bias Intact, But Breakout Needed

All major indices closed the week on a positive note with strong bullish candles. However, intraday volatility and resistance zones are still in play. Traders should closely track the breakout levels highlighted above — a confirmed move in either direction will likely dictate the next market trend.

For now, the bias remains bullish, but confirmation above resistance zones is key for further momentum.