Indian equity markets are predicted to maintain a range-bound pattern in the upcoming week. Experts highlight a mixed technical setup for benchmark indices Sensex and Nifty. Despite weak global cues, domestic policy support is seen as providing some stability. The overall outlook for Nifty is cautious, with momentum indicators signaling weakening strength.
From a technical standpoint, the RSI on the weekly timeframe hovers around 39.64, indicating a decline in momentum. This suggests that the index is currently in a neutral-to-bearish zone. Immediate resistance levels for Nifty are identified at 23,900 and 24,100, while support levels are at 23,200 and 23,000. Experts warn that a significant drop below 23,000 could intensify selling pressure and lead to further weakness.
On the Sensex front, analysts note a cautious technical setup. Immediate resistance for Sensex lies around the 74,600–74,800 range, with a broader resistance band at 75,500–75,800. To boost sentiment and trigger bullish momentum, a sustained breakthrough above these levels is deemed necessary. For Nifty Bank, the index has successfully defended the crucial 53,000 level, indicating a positive shift in sentiment. However, trading below key medium-term averages suggests a prevailing cautious trend.
Weekly RSI for Bank Nifty is gradually improving, currently hovering around 44, below the neutral mark of 50. Immediate support for Bank Nifty is situated within the 53,900–53,000 range, while resistance levels are at 55,000 and 55,800. An analyst highlights that a decisive breach above these resistance levels could reinforce recovery momentum in the following weeks.
