Indian equity benchmarks closed lower on Friday due to escalating geopolitical tensions following reported clashes between Iran and the US near the Strait of Hormuz, impacting investor confidence. Despite this decline, market experts remain optimistic about the overall positive trend for both the Sensex and Nifty, although short-term volatility is expected. The Nifty decreased by 0.55% to settle at 24,193, while the Sensex dropped by 0.67% to end at 77,321.
Both benchmark indices recorded gains of over 0.70% for the week, despite experiencing significant intraday fluctuations. In the broader market, the Nifty Smallcap 100 saw a 0.22% increase, while the Nifty Midcap 100 registered a 0.15% decline. Market analysts highlight the Sensex’s technical strength despite the correction on Friday, with immediate downside support projected in the 54,600–54,200 zone if selling pressure resurfaces.
Analysts point out that the Sensex has immediate resistance at 56,400, followed by a key supply zone at 56,800. Traders are advised to exercise caution, maintain disciplined risk management practices, and monitor crucial levels for potential market movements. On the Nifty front, the index closed the week at 24,176.15, marking a weekly gain of 0.74% or 178.60 points. Resistance levels for the Nifty are identified at 24,500 and 24,600, while support levels are at 24,000 and 23,800. An analyst warns that a breach below 23,800 could trigger heightened selling pressure. Given the current market conditions, traders are urged to stay disciplined, implement strict stop-loss strategies, and navigate the ongoing volatility.
