The benchmark equity indices are anticipated to face pressure in the upcoming week, with the Sensex encountering immediate resistance around the 76,300 level and the Nifty likely to find crucial support near 23,600. Analysts noted that both indices saw losses in a volatile trading week due to rising crude oil prices, geopolitical tensions, and weak banking stocks. The Sensex retreated below the psychologically significant 77,000 mark, impacted by geopolitical concerns and earnings-related pressures.
From a technical viewpoint, experts highlighted the 76,300 zone as immediate resistance. On the downside, the 75,800–75,700 zone is expected to provide immediate support, with a potential break opening the door towards 75,500–75,400. For the Nifty, analysts observed that the index slipped below the lower end of its month-long consolidation band of 23,800-24,400, testing support near the rising trendline around 23,600 before closing the week at 23,767.45.
Analysts mentioned that a decisive breach below the 23,600 support zone could accelerate the correction towards the previous swing low of 23,100. On the upside, the 24,000–24,100 region is anticipated to act as the first resistance, followed by a stronger hurdle around the 24,400 mark. In the previous week, the Indian stock market experienced heightened volatility due to caution among investors amid a spike in global crude oil prices and renewed geopolitical uncertainties.
Mixed first-quarter earnings from banking companies further impacted sentiment, while a weakening rupee and a broader risk-off mood limited buying despite resilient domestic macroeconomic indicators and stock-specific opportunities emerging during the ongoing earnings season. The Sensex concluded the week with a 2.68% decline to settle at 76,059.77, while the Nifty saw a 2.33% decrease to close at 23,767.45.
